Insurance changes

Insurance changes

Our insurance offering is changing on 1 August 2019

We’re updating our insurance offering on 1 August 2019, and if you’re wondering, ‘how will this affect me?’ you’ve come to the right place.

Here you’ll find our new cover rates, FAQs and a calculator you can use to compare your current cover with the cover you’ll receive from 1 August 2019. There are also forms to keep or change your cover if you’d like to.

If you haven’t already, take some time to review the significant event notice (SEN) we sent you recently about the changes. Your SEN will help you understand the new cover and costs that will apply to you from 1 August 2019.

This page is most relevant for our Employee Plan members (who receive automatic insurance when they join) and Personal Plan members. If your employer has set you up with a corporate insurance arrangement, refer to your SEN and give us a call on 1300 110 650 if you have any questions.

Not sure what type of member you are? Check out our FAQs page.

 

Why we’re changing our insurance   

Our members are constantly evolving, and so should the products and services we offer you. In our latest review of our insurance offering, we came up with a few objectives, including helping to ensure our default cover matches the typical needs of our members at every age and that it remains affordable and fair over the long term.

At the same time, we’ve aligned our new offering with the Government’s recent Protecting Your Super package, which is designed to ensure insurance within super is appropriate and members are not paying for insurance they might not know about or premiums that erode their retirement savings.

Our new cover rates from 1 August 2019
Typically our younger members may need less insurance. Under our new offering, you’ll have less cover while you’re young and more when you’re most likely to need it (i.e. the years you’re likely to have a family or other financial commitments). It’s important to remember we’re a profit-to-members fund. We’re always looking to deliver the best value for members, and this insurance change is no different.
Compare your cover
Our insurance calculator can help you compare your current and future cover and see the cost of changing it if you’d like to.
You may want to act before 31 July
If you’re happy with your current level of cover and you’d like to retain it after 1 August (without needing to provide any evidence of good health), you’ll need to complete and send us this form before 31 July 2019.*

*Some members will automatically receive additional fixed cover to maintain their current level of cover from 1 August 2019 (your SEN will tell you if this applies to you). If you’re automatically receiving additional fixed cover, you only need to use this form if you’d like something different.

You can always change or cancel your insurance

While our new standard insurance cover is designed around a typical member’s needs at different ages (based on statistical data), we understand everyone’s different. That’s why we give you flexibility and choice.

If you’d like to change or cancel your insurance, you can do this through the insurance section of MemberOnline at any time.

Ultimately, what is right for you depends on your circumstances. If you need help deciding what’s appropriate for you, our financial advisers can help you over the phone at no extra cost.*

Frequently asked questions
Want to know more? Our FAQs will help answer any questions you have about what’s changing and why.

*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.