Insurance in Superannuation Code of Practice

Insurance in Superannuation Code of Practice

29 March 2018

As part of our commitment to delivering best practice products and services to our members, CareSuper has signed up to the Insurance in Superannuation Code of Practice (‘Code of Practice’). The voluntary code, which came into effect on 1 July 2018, aims to set an industry standard and improve the overall insurance experience for super fund members.

What will this mean for you?

The introduction of the code will aim to streamline the insurance process for members by setting an industry-wide standard for insurance services. The changes will include:

  • Making it easier for members to make changes to their insurance arrangements
  • Providing additional support to members who require assistance throughout the claims process
  • Ensuring members have access to comprehensive information on their insurance cover and fully understand their options
  • Providing insurance options that protect members along the way to retirement as well as preparing them for retirement.

We are currently reviewing our existing processes and insurance arrangements against the requirements of the Code of Practice and will continue to ensure that any changes are in the best interests of our members.

We believe that the code is an important step in helping to simplify and increase awareness of insurance for our members. We’ll be sharing our transition plan and information on how we’ll be implementing the code later this year.  

Default insurance cover* is provided automatically to members when they join CareSuper through an employer without the need for underwriting, giving most superannuation fund members a level of protection in the event of death or total and permanent disability, dependent on their age and occupation.  The code gives us the flexibility to tailor our insurance to reflect the needs of our members.

*Subject to terms and conditions