Important changes to insurance

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Your insurance changes explained

At CareSuper, we believe that insurance cover is one of the most important benefits we can offer our members. That’s why we partner with a dedicated insurance provider to offer death, total & permanent disablement (TPD) and income protection cover.

CareSuper’s contract with its current insurer, CommInsure, expires at the end of 2016. Following an extensive tender process, CareSuper has appointed MetLife as the new insurer for death, TPD and income protection cover from 1 January 2017. The new arrangement will take effect from 1 January 2017, with some changes (including changes to premiums) introduced from 1 February 2017.

The new arrangement means that there will be changes to the insurance through your CareSuper account

About MetLife

For nearly 150 years MetLife has been helping people in times of need. Across the globe, over 100 million people trust MetLife to take care of their insurance needs, including nearly 2.7 million Australians.

CareSuper is dedicated to providing members with meaningful benefits, sustainable premiums and support when they need it most. We believe that the new partnership with MetLife aligns with CareSuper’s culture and commitment to always acting in the best interests of members.

What happens if I am in a Corporate insurance arrangement?

If you’re a member of a Corporate insurance arrangement, this means that your employer has established a tailored benefit design. To further clarify the changes that apply to you, read the letter and notice we sent you in December titled ‘Keeping you informed of important changes’ or call the CareSuperLine on 1300 360 149.

Summary of changes to premiums

From 1 February 2017, there will be some changes to insurance premiums. The movements in premiums are a reflection of the changing insurance market, which CareSuper tested through a tender process. As a result, we believe we have negotiated competitive premiums for our members going forward.

In summary, for many members, premiums for combined death and TPD cover will increase, as will premiums for TPD only cover. The premiums for death only cover and income protection will decrease for these members. This is a general summary only, it does not explain all the changes to premiums. Please see your Significant Events Notice titled 'We're making some important changes' for more information.

Summary of changes to cover

In summary, from 1 February 2017, there will be changes to the salary threshold for the Professional occupational category and we will need to ask you a few additional questions if you apply to change your occupational category. There will also be changes to the ‘active employment’ test and life events cover will no longer be offered. This is a general summary only, it does not explain all the changes to cover. Please see your Significant Events Notice titled 'We're making some important changes' for more information.

Please note that there are additional changes to cover for new members from 1 February 2017.

Q&As

Why was MetLife chosen?
MetLife was chosen following an extensive tender process involving five shortlisted insurers. MetLife was selected based on a range of criteria, including its use of technology to enhance the experience of members when applying for additional cover or making a claim, support of CareSuper’s strategies for innovation,  underwriting and claims philosophy and processes, and sustainable pricing.
Why do I have insurance cover through CareSuper?
If you join CareSuper through your employer or you join as an Employee plan member (meaning your employer pays your super contributions into your CareSuper account), you will automatically receive default death and TPD cover (subject to you meeting eligibility conditions). We provide this cover on an opt-out basis, which means you can cancel your cover at any time.

MySuper authorised Superannuation funds are usually required to provide members who join through their employers with death and TPD cover on an opt-out basis.
How can I find out what cover I have?
The default insurance you receive when you join CareSuper through your employer, if eligible, is provided in ‘units’ of death and TPD cover. The number of units and type of cover you receive depends on your age.

You can check how much insurance cover you have at any time by logging in to MemberOnline or looking at your latest annual statement. Please note cover may have changed or ceased between the time you received your statement and now. If you’re not yet registered for MemberOnline, click here.
How can I apply for insurance or to change my cover?
CareSuper members can apply for cover through InsuranceOnline, which is available simply by logging into MemberOnline. InsuranceOnline will be temporarily unavailable while we work on transitioning over to our new insurer.

During this time you can still apply for insurance or to change your cover by completing and sending us the relevant forms (available here). For more information about tailoring your insurance, click here.
What happens if I have an insurance claim in progress?
There will be no changes to any existing insurance claims. CommInsure remains the insurer for CareSuper until the end of 2016 and any claims in progress at this time or any claim that relates to a claimable event occurring up to 31 December 2016 will continue to be assessed by CommInsure.

If you have any questions about this process or about your claim, our dedicated insurance specialists are always here to help. Simply call the CareSuperLine on 1300 360 149 to speak to a member of our insurance team.
I haven’t submitted an insurance claim yet. Which insurer will assess my claim?
This depends on the date that you cease work due to the medical condition on which you’re basing your claim. We will let you know at the time which insurer will be assessing your claim. Submit your claim using the standard claims process and we will advise the next steps.
What happens if I have already applied for insurance or additional cover?
The underwriting process will not change. If CommInsure accepts your application for additional cover, this will flow through to MetLife from 1 January 2017.
Why are some insurance premiums increasing?
Over the last few years, the number of insurance claims through the super industry has increased dramatically, particularly for TPD. As a result, many super funds have increased their premiums significantly or have reduced the level of cover they provide in order to contain premium increases.

We’re pleased that we have managed to maintain our premiums and cover levels for the last three years. However, through the tender process competitive premiums were negotiated.
How are the occupational categories changing?
CareSuper has three different types of occupational categories for eligible members: General, Office and Professional. Currently the minimum annual salary threshold for the Professional category is $80,000.

From 1 February 2017, if you are eligible to apply to increase cover by changing your occupational category, the minimum annual salary threshold for the Professional category will increase to $100,000. The change will only affect you if you apply to change your cover to the Professional category on or after 1 February 2017. If you are already covered under the Professional category before this date, there will be no change to your cover even if your annual salary is below $100,000.

From 1 February 2017, you will need to provide more information when you apply to change your occupational category. In addition to meeting the existing criteria around the type of work you do, your duties, education level and salary, you will also need to meet some health criteria to be eligible.

You can apply to change your occupational category to reflect your job by completing the Changing your occupational category form available here.
What is the ‘active employment’ test, and how is it changing?
Currently, if you are not in ‘active employment’ on the date your cover commences or is increased, the increased cover is subject to a ‘limited cover’ restriction. From 1 February 2017, if you are not in active employment for all of the first 30 days after your cover is increased, the increased cover is subject to a ‘limited cover’ restriction until you have returned to active employment for at least 2 consecutive months.

The change to the way the active employment test is applied will affect you from 1 February 2017 when: 1 - You transfer insurance cover from another super fund, 2 - You increase your cover by changing your occupational category, 3 - Your insurance cover recommences.

For the full definitions of active employment and limited cover, please refer to your relevant Insurance Guide.

Please note that there are additional changes to how the active employment test is applied for new members from 1 February 2017.

Insurance calculator

To help you calculate what your insurance premiums might be from 1 February 2017, we’ve created a new calculator here.   

If you’d like to compare these new premiums with your current premiums, you can access our current insurance calculator here.

Keep in mind that this calculator only applies to default cover for Employee Plan members. If you have a Corporate Insurance arrangement, read your relevant Insurance Guide for information about your premiums.

Compare your premium rates

Our default cover for Employee Plan members

The table below shows examples of current premiums for cover at various ages and new premiums from 1 February 2017.

Age Death cover TPD cover Current cost per week Cost per week from 1 February 2017
15-29 1 unit 4 units $4.45 $5.14
30-64 4 units 4 units $7.60 $8.20
65-69 4 units - $4.20 $4.08

Premiums per year per $1000 sum insured of fixed death and TPD cover

If you are in a corporate insurance arrangement these premiums may only apply to any additional cover.

Annual fixed cover rates per $1000 insured until 31 January 2017

Annual fixed cover rates per $1000 insured until 31 January 2017
Age General Office Professional
  Death TPD Death TPD Death TPD Death TPD Death TPD Death TPD
15-30 0.55 0.44 0.99 0.46 0.37 0.83 0.33 0.27 0.60
31 0.55 0.44 0.99 0.46 0.37 0.83 0.33 0.27 0.60
32 0.55 0.44 0.99 0.47 0.38 0.85 0.34 0.27 0.61
33 0.56 0.45 1.01 0.48 0.39 0.87 0.35 0.28 0.63
34 0.57 0.46 1.03 0.50 0.40 0.90 0.36 0.29 0.65
35 0.59 0.48 1.07 0.52 0.42 0.94 0.37 0.30 0.67
36 0.62 0.50 1.12 0.55 0.44 0.99 0.39 0.32 0.71
37 0.64 0.52 1.16 0.57 0.46 1.03 0.41 0.33 0.74
38 0.67 0.54 1.21 0.60 0.48 1.08 0.43 0.35 0.78
39 0.71 0.57 1.28 0.62 0.50 1.12 0.45 0.36 0.81
40 0.75 0.61 1.36 0.64 0.52 1.16 0.46 0.37 0.83
41 0.80 0.64 1.44 0.67 0.54 1.21 0.48 0.39 0.87
42 0.85 0.68 1.53 0.72 0.58 1.30 0.51 0.41 0.92
43 0.89 0.72 1.61 0.75 0.60 1.35 0.54 0.43 0.97
44 0.94 0.76 1.70 0.79 0.64 1.43 0.56 0.45 1.01
45 0.98 0.79 1.77 0.82 0.66 1.48 0.59 0.47 1.06
46 1.04 0.84 1.88 0.87 0.70 1.57 0.62 0.50 1.12
47 1.10 0.89 1.99 0.92 0.74 1.66 0.66 0.53 1.19
48 1.16 0.94 2.10 0.97 0.78 1.75 0.69 0.56 1.25
49 1.24 1.00 2.24 1.03 0.84 1.87 0.74 0.60 1.34
50 1.31 1.06 2.37 1.10 0.88 1.98 0.78 0.63 1.41
51 1.41 1.14 2.55 1.18 0.95 2.13 0.85 0.68 1.53
52 1.52 1.23 2.75 1.27 1.03 2.30 0.91 0.74 1.65
53 1.66 1.34 3.00 1.39 1.12 2.51 0.99 0.80 1.79
54 1.80 1.45 3.25 1.50 1.21 2.71 1.07 0.87 1.94
55 2.00 1.61 3.61 1.67 1.35 3.02 1.20 0.97 2.17
56 2.21 1.78 3.99 1.85 1.49 3.34 1.32 1.06 2.38
57 2.49 2.01 4.50 2.09 1.68 3.77 1.49 1.21 2.70
58 2.88 2.33 5.21 2.40 1.94 4.34 1.72 1.39 3.11
59 3.32 2.68 6.00 2.77 2.24 5.01 1.98 1.60 3.58
60 4.04 3.26 7.30 3.36 2.72 6.08 2.40 1.94 4.34
61 5.11 4.13 9.24 4.28 3.45 7.73 3.06 2.47 5.53
62 6.36 5.13 11.49 5.32 4.30 9.62 3.80 3.07 6.87
63 6.36 5.13 11.49 5.32 4.30 9.62 3.80 3.07 6.87
64 6.36 5.13 11.49 5.32 4.30 9.62 3.80 3.07 6.87
65-69* 6.58 N/A N/A 6.06 N/A N/A 4.32 N/A N/A

Annual fixed cover rates per $1000 insured from 1 February 2017

Annual fixed cover rates per $1000 insured from 1 February 2017
Age General Office Professional
  Death TPD Death TPD Death TPD Death TPD Death TPD Death TPD
15-30 0.52 0.53 1.05 0.44 0.45 0.89 0.32 0.32 0.64
31 0.52 0.53 1.05 0.45 0.45 0.90 0.32 0.33 0.65
32 0.52 0.53 1.05 0.46 0.46 0.92 0.33 0.34 0.67
33 0.53 0.54 1.07 0.47 0.47 0.94 0.34 0.34 0.68
34 0.55 0.56 1.11 0.48 0.49 0.97 0.34 0.35 0.69
35 0.57 0.58 1.15 0.50 0.51 1.01 0.36 0.37 0.73
36 0.59 0.60 1.19 0.52 0.53 1.05 0.38 0.38 0.76
37 0.61 0.62 1.23 0.54 0.55 1.09 0.39 0.40 0.79
38 0.64 0.66 1.30 0.57 0.58 1.15 0.41 0.42 0.83
39 0.68 0.69 1.37 0.60 0.61 1.21 0.43 0.44 0.87
40 0.71 0.73 1.44 0.61 0.62 1.23 0.44 0.45 0.89
41 0.76 0.77 1.53 0.64 0.65 1.29 0.46 0.47 0.93
42 0.81 0.84 1.65 0.68 0.69 1.37 0.49 0.50 0.99
43 0.87 0.89 1.76 0.71 0.73 1.44 0.51 0.52 1.03
44 0.91 0.93 1.84 0.75 0.77 1.52 0.54 0.55 1.09
45 0.95 0.97 1.92 0.78 0.81 1.59 0.56 0.57 1.13
46 1.00 1.02 2.02 0.84 0.86 1.70 0.59 0.60 1.19
47 1.06 1.08 2.14 0.89 0.91 1.80 0.63 0.64 1.27
48 1.12 1.14 2.26 0.94 0.96 1.90 0.66 0.68 1.34
49 1.19 1.21 2.40 1.00 1.02 2.02 0.71 0.72 1.43
50 1.26 1.28 2.54 1.06 1.08 2.14 0.75 0.76 1.51
51 1.36 1.38 2.74 1.14 1.16 2.30 0.81 0.84 1.65
52 1.47 1.50 2.97 1.23 1.25 2.48 0.89 0.90 1.79
53 1.60 1.63 3.23 1.33 1.36 2.69 0.96 0.98 1.94
54 1.73 1.76 3.49 1.45 1.48 2.93 1.04 1.06 2.10
55 1.91 1.96 3.87 1.61 1.64 3.25 1.15 1.18 2.33
56 2.12 2.17 4.29 1.78 1.81 3.59 1.27 1.29 2.56
57 2.39 2.45 4.84 2.01 2.05 4.06 1.44 1.47 2.91
58 2.77 2.83 5.60 2.30 2.35 4.65 1.65 1.68 3.33
59 3.20 3.26 6.46 2.67 2.73 5.40 1.90 1.95 3.85
60 3.88 3.96 7.84 3.24 3.30 6.54 2.30 2.35 4.65
61 4.92 5.01 9.93 4.11 4.20 8.31 2.94 3.00 5.94
62 6.12 6.24 12.36 5.11 5.21 10.32 3.66 3.73 7.39
63 6.12 6.24 12.36 5.11 5.21 10.32 3.66 3.73 7.39
64 6.12 6.24 12.36 5.11 5.21 10.32 3.66 3.73 7.39
65-69* 6.32 N/A N/A 5.84 N/A N/A 4.16 N/A N/A

Cost of income protection cover

Weekly premium rates per unit of income protection cover until 31 January 2017

Weekly premium rates per unit of income protection cover until 31 January 2017 (2-year benefit period)
Current age General Office Professional
  30 days 60 days 90 days 30 days 60 days 90 days 30 days 60 days 90 days
15-24 0.44 0.32 0.17 0.29 0.20 0.11 0.24 0.17 0.09
25-29 0.46 0.32 0.18 0.31 0.22 0.11 0.25 0.18 0.09
30-34 0.52 0.37 0.18 0.36 0.24 0.12 0.29 0.20 0.10
35-39 0.69 0.48 0.24 0.46 0.32 0.16 0.37 0.27 0.13
40-44 0.90 0.64 0.37 0.59 0.41 0.24 0.49 0.34 0.19
45-49 1.21 0.86 0.59 0.80 0.56 0.40 0.65 0.46 0.32
50-54 1.71 1.20 0.96 1.13 0.79 0.64 0.91 0.64 0.52
55-59 2.44 1.71 1.53 1.60 1.13 1.00 1.32 0.92 0.82
60-64 2.65 2.01 1.55 1.74 1.32 1.02 1.43 1.09 0.84
Weekly premium rates per unit of income protection cover until 31 January 2017 (5-year benefit period)
Current age General Office Professional
  30 days 60 days 90 days 30 days 60 days 90 days 30 days 60 days 90 days
15-24 0.59 0.44 0.24 0.39 0.29 0.16 0.32 0.24 0.14
25-29 0.64 0.49 0.27 0.42 0.32 0.18 0.35 0.26 0.15
30-34 0.79 0.59 0.31 0.51 0.39 0.19 0.42 0.32 0.17
35-39 1.06 0.80 0.41 0.70 0.52 0.27 0.58 0.43 0.23
40-44 1.46 1.10 0.67 0.96 0.72 0.44 0.78 0.59 0.37
45-49 2.10 1.57 1.11 1.37 1.04 0.73 1.13 0.84 0.59
50-54 3.13 2.35 1.83 2.05 1.55 1.20 1.69 1.27 0.98
55-59 4.62 3.51 2.91 3.05 2.32 1.92 2.50 1.89 1.56
60-64 3.83 3.06 2.28 2.52 2.01 1.51 2.06 1.65 1.23

Weekly premium rates per unit of income protection cover from 1 February 2017

Weekly premium rates per unit of income protection cover from 1 February 2017 (2-year benefit period)
Your age General Office Professional
  30 days 60 days 90 days 30 days 60 days 90 days 30 days 60 days 90 days
15-24 0.41 0.30 0.16 0.28 0.18 0.10 0.23 0.16 0.08
25-29 0.43 0.30 0.17 0.29 0.20 0.10 0.24 0.17 0.08
30-34 0.49 0.35 0.17 0.34 0.23 0.11 0.28 0.18 0.09
35-39 0.65 0.45 0.23 0.43 0.30 0.15 0.35 0.26 0.12
40-44 0.85 0.60 0.35 0.55 0.39 0.23 0.46 0.32 0.17
45-49 1.14 0.81 0.55 0.75 0.52 0.38 0.61 0.43 0.30
50-54 1.61 1.13 0.90 1.07 0.75 0.60 0.86 0.60 0.49
55-59 2.30 1.61 1.43 1.51 1.07 0.94 1.24 0.86 0.77
60-64 2.49 1.89 1.46 1.64 1.24 0.96 1.34 1.02 0.79
Weekly premium rates per unit of income protection cover from 1 February 2017 (5-year benefit period)
Your age General Office Professional
  30 days 60 days 90 days 30 days 60 days 90 days 30 days 60 days 90 days
15-24 0.55 0.42 0.23 0.37 0.27 0.15 0.30 0.23 0.13
25-29 0.60 0.46 0.26 0.40 0.30 0.17 0.33 0.25 0.14
30-34 0.74 0.55 0.29 0.48 0.37 0.18 0.40 0.30 0.16
35-39 0.99 0.75 0.39 0.66 0.49 0.26 0.54 0.41 0.22
40-44 1.37 1.04 0.64 0.90 0.68 0.42 0.73 0.55 0.35
45-49 1.98 1.48 1.05 1.29 0.97 0.69 1.07 0.79 0.55
50-54 2.94 2.21 1.72 1.93 1.46 1.13 1.59 1.19 0.92
55-59 4.35 3.30 2.74 2.87 2.18 1.80 2.35 1.78 1.47
60-64 3.61 2.88 2.14 2.37 1.89 1.41 1.95 1.56 1.16

Insurance resources for Employee and Personal Plan

 


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