1 April 2023 insurance changes

Our members are constantly evolving, and so should the products and services we offer you. In our latest review of our insurance offering, we looked at the competitiveness, complexity and overall value our insurance provides. The changes we’ve made help us deliver flexible cover that continues to meet our members’ needs while remaining affordable and fair over the long term.

We’ve explained the changes in the communication we sent you in February/March 2023. You can refer to the Significant Event Notice (SEN) which explains all the changes or give us a call if you have any questions.

We recently sent members a Significant Event Notice (SEN) which provided details of the changes that will affect you, including the new insurance cover and fees tables. To see your new age-based cover, refer to the communication we sent you in February/March 2023 and table 1 on page 11 in the SEN. For your new fixed cover fees, refer to table 5 on page 15, and for income protection, tables 8 and 9 on pages 17 and 18.

You can view your new insurance cover via MemberOnline.

Ultimately, what’s right for you depends on your circumstances. To help you decide what’s appropriate for you, you can book a call back with one of our financial advisors who can help you over the phone at no extra cost.*

You can reduce or cancel your insurance cover via MemberOnline, over the phone, in writing (by email or post) or by completing our Reduce or cancel your cover form. Log in to MemberOnline then head to the Insurance cover section. If you decide you need insurance cover later, you’ll need to apply and provide medical information. Any cover you receive may be subject to fee loadings or exclusions.

The insurance you held immediately before 1 April 2023 was converted to the new insurance offering. This means that if you had a birthday before 1 April, the cover amount and insurance fees may have changed between the time you reviewed your cover and 1 April 2023.

As a profit-to-member top Industry SuperFund, our returns are all for you. And for most of our members, our insurance changes mean your fees will be even lower — which means more super for you.

Your insurance fees are determined by your age, gender and occupational category. You can refer to the communication we sent you in February/March 2023, and the Significant Event Notice (SEN) which explains all the changes. Refer to the relevant ‘Age’ and ‘Cover type’ tables for details. We’ll also write to you after the insurance changes have taken place to confirm your new insurance details. 

You can view your insurance fees by logging in to MemberOnline or by calling us. Log in to MemberOnline then head to the Account Activity page.

Also known as life insurance, death cover provides a lump sum payment to your loved ones if you pass away or become terminally ill.

TPD cover provides a lump sum payment if you’re never able to work again due to injury or illness. You could use this payment to cover medical bills and to ensure the overall security of your family and your home.

Income protection provides you with a temporary income if you need extended time off to recover from an injury or illness. This means you can continue to pay your bills while taking time to recover and recuperate.

We offer two types of insurance where we use your age and gender to calculate your level of cover and fees: standard age-based death and total and permanent disablement (TPD) cover. With age-based cover, you receive an amount of cover that changes as you get older. From 1 April 2023, we’ll use your age rather than 5-year age bands — providing you with more tailored pricing.

Insurance cover where you hold the same level of cover as you get older, but your fees change based on your age and occupational category. Before 1 April 2023, a member could choose to index their fixed cover, meaning that it increased by 5% on 1 July each year to account for inflation. However, from 1 April 2023, we’re removing indexation of fixed cover.

You can review and make changes to your insurance cover via MemberOnline, by completing and returning the relevant form or by calling us. We provide plenty of choice when it comes to the cover types and amount of cover you have. Discover how you can save with tailored insurance — and see if it’s right for you.

You can cancel your insurance cover via MemberOnline, over the phone, in writing (by email or post) or by completing our Reduce or cancel your cover form. If you decide you need insurance cover later, you’ll need to apply and provide medical information. Any cover you receive may be subject to fee loadings or exclusions.

When you first receive cover you’ll automatically go into the General occupational category. You can check your occupational category by logging in to MemberOnline or by calling us.

It’s important to review your occupational category regularly to see if you’re eligible for a higher category.

Your occupational category is a factor that can influence the amount of age-based cover you receive. And if you have fixed cover or income protection, it can also influence your insurance fees.

From 1 April 2023, we’ll have two occupational categories: General and Professional. Our General occupational category is our default category you’re assigned when you automatically receive insurance, if eligible. If you meet certain criteria, you can apply to be covered under the Professional category. It’s important to review your occupational category regularly to see if you’re eligible for a higher category.

You can apply to change your category by completing and returning our Changing your occupational category form or you can apply via MemberOnline. Log in to MemberOnline then head to the Insurance cover section.

How long you’ll need to wait before you qualify to receive benefit payments. If you don’t select a waiting period, a 30-day waiting period will apply.

If you’ve made an insurance claim before 1 April 2023, the insurance changes won’t affect your claim. For any questions about insurance claims, contact us.

To get started on your claim, call 1300 360 149 and ask to speak to our insurance team to determine your eligibility.

Details on what to expect during the claims process, how long it may take to process your insurance claim, as well as how to submit your claim and any supporting documents you need to provide are available in the fact sheets below.
 

• Claiming a death benefit
• Making an income protection claim
• Making a TPD claim

To ensure your super and any insurance benefits go to the right person if you pass away, you can make a beneficiary nomination. There are two types of beneficiary nominations: binding (lapsing and non-lapsing) and non-binding. Importantly, a non-binding beneficiary nomination will be used by the Trustee as a guide only. For more information on making a beneficiary nomination, read the Nominating your beneficiaries fact sheet.

We’re expanded our income protection offering to include a ‘to age 65’ benefit period (in addition to the existing 2-year and 5-year benefit periods). If you apply and are approved for a ‘to age 65’ benefit period, you’ll have a longer benefit period.

Members who hold income protection cover with a ‘to age 65’ benefit period will automatically be moved to the 2-year benefit period when they reach 63 years old. This automatic adjustment allows members to hold income protection cover for longer — until age 70 — as cover with a ‘to age 65’ benefit period expires at age 65.

If it’s not right for you, you can opt out of your cover at any time.

If you have a claim and we accept it you’ll continue to receive benefits until you reach age 65, provided you continue to be unable to work and meet the requirements of the policy. After the first 2 years, the maximum pre-disability income replacement will reduce to 62% (with 50% paid as income and 12% paid as super) with a maximum benefit of $30,000 per month.

Because if you have the 5-year income protection benefit period, we’ll automatically move you to the 2-year benefit period when you turn 63 years old. This means you’ll have income protection for longer (until you’re 70), as cover with a 5-year or ‘to age 65’ benefit period will expire when you turn 65.

This change means you’ll have cover for longer. If it’s not right for you, you can opt out of your cover earlier.

Total and Permanent Disability (TPD) cover is designed to cover loss of earning capacity on a permanent basis as well as help with the cost of a life-changing injury or illness. The cover reduces as members get closer to retirement age and, as such, we have limited the extension of cover to age 70.

Extending our standard and fixed death insurance from 70 to 75 years old means you’ll be covered for longer. It means you’ll now have death cover until you're 75. If it’s not right for you, you can opt out of your cover earlier.

Complete our Insurance application form or call us on 1300 360 149.

Your cover amount remains the same, but your fees will change as you get older. You can reduce or cancel your insurance cover via MemberOnline, over the phone, in writing (by email or post) or by completing our Reduce or cancel your cover form.

It’s a special welcome offer for Employee Plan members with standard cover — so you’ll need to apply for the New Member Option in the first 90 days after joining CareSuper. If you’re an Employer Plan member with standard cover, our NMO allows you to increase your death and total and permanent disablement (TPD) cover and/or apply for income protection insurance by answering a few health questions.