Insurance in Superannuation Voluntary Code of Practice

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

About the code of practice

The code was launched in 2018 and was intended to come into effect on 1 January 2022. It aims to streamline the insurance process for members by setting an industry-wide standard for insurance services. We believe that the code is an important step in helping to simplify and increase awareness of insurance for our members.

Rescinding the code

Since 2018, regulatory and legislative reforms introduced by the Government have replaced most of the measures from the voluntary code of practice. In particular, the Protecting Your Super package and Putting Members’ Interests First legislation have made substantial sections of the code redundant. 

In addition to these changes, we’ve also implemented several recommendations from the code. We’ve improved how we’re managing our insurance arrangements as well as how we’re communicating about insurance to members.   

Since most of the recommendations from the original code have now been implemented or superseded, the code owners decided to rescind the voluntary code of practice from 1 July 2021. 

What will this mean for you?

It’s good news. 

You may not notice it, but we’ve voluntarily made several key changes to our insurance arrangements recently. We’re communicating about your cover more clearly, and giving you more information about your options. It’s all part of our efforts to help simplify and build more awareness of insurance.

Standard insurance cover is provided to members (without the need for health evidence) when they become eligible for cover.* This aims to provide a level of protection in the event of death or total and permanent disability, dependent on the member’s age and occupational category. The code gives us the flexibility to tailor our insurance to reflect the needs of our members.

*Subject to terms and conditions