What the change means for you
After a recent insurance review, we decided to make our cover more appropriate for members. As part of the change we’re:
- adjusting default death and/or TPD cover amounts to better reflect needs at various life stages
- introducing male and female premium rates
- improving some terms to help you get more out of your cover.
Our current insurer will still generally manage claims or payments for events that happened before 1 June 2024. To learn more about how these changes will affect you, refer to the personalised letter we sent to your online account inbox.
New features we’re introducing
More appropriate levels of cover at every life stage
By reducing levels of cover for younger members and increasing them as you get older, we keep cover more relevant and reduce unnecessary costs.
More flexible cover
Comprehensive health and wellness initiatives
Review your cover
Insurance change documents
To learn how the changes affect you, refer to the notice we sent to your online account inbox. It shows your insurance cover and premiums before and after the changes and sets out actions you can potentially take.
For general information about upcoming changes to our insurance offering, read the Insurance changes guide.
If you joined UniSuper from Australian Catholic Superannuation with insurance cover following the merger, read this ACS insurance changes guide.
Insurance change FAQs
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I don’t have insurance with UniSuper. Am I affected?You and your immediate family can access 360Health even if you don’t have insurance cover. If you want to take out cover in the future, our insurer may require you to provide evidence of your health when you apply.
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I’ve recently made a claim. Will it be affected because of the change?Claims made before 1 June 2024 are still handled by the current insurer. This means claims in progress won’t be affected, including your insured benefit. We'll continue to keep you informed about your claim's progress.
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How will premiums be determined from 1 June 2024?
A range of factors will be considered when determining your insurance premiums. These include your:
- age
- the amount of cover you have
- occupation (if you’re a Personal Account member)
- sex at birth.
If you have age-based cover, your cover and your premiums change each year. If you have fixed cover, your premiums change each year but your cover remains the same.
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Why is sex at birth used to work out premiums?
Along with things like age and occupation, a sex at birth of male or female helps determine premium costs. For example, a person whose sex at birth is male is more likely to make a death or TPD claim, while a person whose sex at birth is female is more likely to claim income protection benefits.
We acknowledge your sex at birth may differ from your gender identity. It also won’t affect what you’re covered for – UniSuper members can lodge a claim for any condition, regardless of their sex at birth or gender. If you’d like to change your recorded sex at birth with us, please call us on 1800 331 685.
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What is default cover?Default cover is a base level of cover you can get without providing evidence of your health.
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What is age-based cover?
Age-based cover changes with age to better complement your life stage. For example, less death and TPD cover when you’re younger and more cover when you’re starting a family or buying a home. To get a sense of how cover amounts change as you age, see the diagram below.
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At what age does Income Protection cover stop?
We're extending the age your Income Protection cover ceases from 65 to 67. If you have a benefit period of two or five years, you’re protected until age 67.
If you have a 'To age 65' benefit period, we will automatically convert your cover to a two-year benefit period on your 63rd birthday and this cover will continue to age 67. If you're aged 63 or over on 17 March 2024, we'll automatically convert your cover from the 'To Age 65' benefit period to a two-year benefit period on 1 June 2024.
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What is an insurance unit?When you have age-based cover, it’s provided in units. The amount of cover provided by each unit changes each year, which is why age-based cover is also known as unitised cover. With fixed cover, your cover stays the same unless you change it.