Optional insurance

Do you know if you have enough insurance? Now’s a good time to find out.

Optional cover

Did you know you have access to low premiums on a range of optional death, Disablement and Income Protection insurance products? It’s all because we’re able to purchase insurance on a 'group cover' basis and pass on the savings to our members.

Here's what you can choose from:

• Optional Death and Disablement insurance (available to members in Accumulation 1, Accumulation 2 and the Defined Benefit Division).
• Optional Income Protection insurance (only offered to Accumulation 1 members).
• Death-only insurance cover (the only option for Spouse Account members who meet the eligibility criteria).
• Terminal medical condition benefit

Optional Death and Disablement cover

Our optional Death and Disablement insurance could help you and your family when you need it most.

This insurance is provided in ‘units’ of cover, and as long as you meet the eligibility criteria, you can buy up to 10 units. The benefit paid for each unit of this cover depends on your age when you become permanently disabled or when you die.

It’s important to know that if you reduce your member contributions you will no longer be eligible for optional insurance cover, nor will you be able to purchase optional insurance if you decide to start voluntary contributions at a later date.

Find out more about:

• Default optional insurance cover for new members
• Eligibility
• Death cover for Spouse Account members
• Costs for cover
• Qualifying for a Disablement benefit
• Taking a pension under transition to retirement provisions

Default optional insurance cover for new members

One unit of default optional Death and Disablement cover is provided to new members who join Accumulation 1, Accumulation 2 or the Defined Benefit Division. Of course, you can opt out of this cover altogether or you may apply for further units at any time.

Eligibility

To be eligible for the default optional Death and Disablement insurance and to apply for additional units of cover you must be under 60 years of age and receiving regular employer contributions to your UniSuper account.

If you are between 60 and 64 years of age (inclusive), or if you have a current or previous Total and Permanent Disablement claim, you are eligible for Death-only cover.

Optional Death and Disablement insurance cover is not available if you are over 64 years of age.

Death cover for Spouse Account members

Spouse Account members may apply for up to five units of Death-only insurance cover, as long as they have at least $1,500 in their account.

Costs for cover

Each unit of optional Death and Disablement cover costs $1.40 per unit per week and each unit of Death-only cover costs 90 cents per unit per week. The premiums are automatically deducted from your account each month.

Qualifying for a disablement benefit

To qualify for a Death and Disablement benefit you need to satisfy the insurer's (Hannover Life Re of Australasia Ltd ABN 37 062 395 484) definition of disablement as set out in the current insurance policy.

Taking a pension under transition to retirement provisions

If you have optional insurance cover through UniSuper, that cover will continue as long as employer contributions continue to be made to your account and you meet all other eligibility criteria.

Optional Income Protection

This insurance cover is only available to eligible Accumulation 1 members. (Defined Benefit Division or Accumulation 2 members are ineligible because the compulsory insurance already provides cover for temporary incapacity.)

• Eligibility
• Benefits payable
• Costs for cover
• Applying for cover
• Qualifying for an Income Protection benefit

Eligibility

If you’d like to apply for optional Income Protection insurance you need to be:

• an Accumulation 1 member for whom contributions are being paid
• aged between 15 and 64 when you join UniSuper
• a permanent employee working at least 15 hours or more per week
• at work and actively performing all your normal duties, or on approved leave for reasons other than injury or illness, when you apply for Income Protection insurance (if not, you will need to wait until you return to your normal duties to apply for cover), and
• an Australian citizen who is resident in Australia, or a permanent resident, or a lawful non-citizen for whom your UniSuper employer is required to make contributions.

Benefits payable

If you find yourself unable to work for a limited period due to injury or illness, Income Protection insurance may pay you a monthly benefit for up to two years. You may apply for insurance on 75% of your salary, to a maximum of $2,000 per week, whichever is the lesser amount.

Costs for cover

This insurance cover is unit-based and provided in multiples of $100 of cover per week. (The minimum amount that can be insured is $100 per week.) The premiums are based on your age, gender and the level of cover required, and are deducted automatically from your account each month.

Applying for cover

To apply for Income Protection insurance cover just complete the Income Protection insurance application form, which you’ll find at the back of the booklet, Optional insurance cover for members.

Qualifying for an Income Protection benefit

To qualify for an Income Protection benefit as a member of Accumulation 1 you need to satisfy the insurer's (Hannover Life Re of Australasia Ltd ABN 37 062 395 484) definition of disablement as set out in the current insurance policy.