New QSuper insurance products and possible lower premiums
QSuper is the first superannuation fund in Australia to establish its own insurance company, QInsure. It commenced operating on 1 July 2016 and new insurance products for accumulation members were also introduced from that date. QSuper accumulation members were sent information about the new insurance products in May 2016.
Some of the features of the new insurance products include:
- Members who are under the age of 60 years can apply for a fixed level of both death cover and total and permanent disablement (TPD) cover.
- Death cover and TPD cover can now be held separately. Members can choose to have just one or the other, or both but with different amounts of cover.
- Being able to change the income protection cover.
- Being able to change the income protection waiting period and benefit period.
- Being able to apply to have existing insurance transferred to QSuper.
- Choosing to be occupationally rated, which could change the premium members pay.
When the new insurance products were introduced from 1 July 2016 members paid the default premium which was the approach that had been used prior to 1 July 2016. From 1 July 2016 members of the accumulation fund have the opportunity to be occupationally rated for their insurance premiums.
Occupational rating is a feature of the new products and by electing to do this, a member’s premiums will be aligned to the cost to cover the risk associated with the member’s own occupation rather than the default premium (note - this may be lower or higher depending on the member’s circumstances). Many QTU members may be able to pay a lower premium if they elect to be rated.
If members are considering being occupationally rated for their insurance products they should read the relevant information on the QSuper website, phone QSuper to clarify any issues and then complete the relevant form. Members can also go online, log into their QSuper account, see the alternative premium rates and complete the form online.
The QTU is not recommending that all accumulation members elect the occupational rating option but we are recommending that all accumulation members read the relevant information and decide if this option is for them.
Mark Anghel, QTU Assistant Secretary
Jeff Backen, QTU Assistant Secretary and QSuper Trustee
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