Insurance fees decreased for most members from 1 April 2023
In good news for your employees who hold insurance cover with us, from 1 April 2023, changes to our insurance offering mean insurance fees for most of our members are now even lower.
As an Industry SuperFund run only to benefit our members, we recognise that our members are constantly evolving, and so should the products and services we offer them. 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.
Here are some of the changes that came into effect on 1 April 2023:
- Insurance fees for standard (age-based) death, total and permanent disablement (TPD) and income protection cover are calculated based on members’ age rather than the previous 5-year age bands
- We’re providing cover for longer by increasing the expiry age for death cover from age 70 to 75, and TPD cover from age 65 to 70. We’ve also introduced a to age 65 benefit for income protection cover, allowing benefits to be paid until members turn 65
- We removed the Office occupational category and changed the criteria for the Professional occupational category
- We’ve extended our cooling off period from 14 days to 28 days
- It’s now easier for new parents to apply for the insurance fee waiver and extending the waiver period up to 24 months while they’re on parental leave. If you have any employees who are CareSuper members and currently on parental leave, please let them know they can find out more about the insurance fee waiver by calling us on 1300 360 149.
To see all the changes and understand the new cover and costs view our Significant Event Notice. If your business is set up with a CIA and you have questions, please reach out to our client partnership team.
Insurance options available to CareSuper members
CareSuper members have access to group rates for insurance with fees deducted from their super accounts, and our age and gender-based pricing model helps us deliver value.
Through our insurance provider, MetLife, we offer three types of insurance cover:
- Death cover (also known as life insurance)provides a lump sum payment to a members’ beneficiary in case of their death or terminal illness.
- Total and permanent disablement (TPD) cover provides a lump sum payment if the member is unable to work again due to illness or injury.
- Income protection insurance can provide a temporary income if a member needs to take extended time off work due to illness or injury.
Our standard cover includes tailorable death and TPD cover for eligible members and the option to add income protection insurance. Members can find out more about tailoring their cover here.
Find out more
Your Insurance Guide has all the details about your insurance. Members with standard cover can view their Insurance Guide in forms and publications. If your business is part of a CIA and you would like a copy of your Insurance Guide, please contact our client partnership team for assistance.
Remember, we’re always here to help. Please contact us if you have any questions.