Bring your insurance to UniSuper
If you have cover with another super fund or provider, you may be able to transfer it to UniSuper. It’s one way we can help you prepare for the unexpected.
Insurance cover with UniSuper
If you already have Death, Total & Permanent Disablement (TPD) or Income Protection insurance elsewhere, you may be able to transfer your cover from one or more providers to UniSuper to potentially gain a few benefits.
• we bulk-buy insurance cover, which helps keep your premiums down
• when things in your life change, you can review your cover in one place
• premiums are conveniently deducted from your super account automatically.
Prepare for your transfer
Consider your situation
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Your circumstances
You might factor in things like your:
- current financial and personal circumstances
- any tax implications
- the level of cover you need
- how you’ll pay for your premiums.
If you transfer cover from another provider, it won’t affect your eligibility for default cover with UniSuper.
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Your eligibility
To see if you’re eligible to transfer your insurance cover from another provider, read the Insurance in your super booklet available at unisuper.com.au/pds.
Transfer limits and premiums
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Income Protection
Subject to your eligibility:
- You may be able to transfer the lesser of:
- up to 85% of your salary
- $29,900 per month (69 units).
- Your premium is determined by:
- your age
- how long the benefit is payable (your benefit period)
- your waiting period.
- Defined Benefit Division (DBD) members can’t transfer Income Protection cover.
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Death and Total & Permanent Disablement (TPD)
Subject to your eligibility:
- you may be able to transfer up to $2 million of cover
- the total maximum TPD cover is $3 million
- we’ll round up your transferred cover to the nearest $1,000
- your premiums will increase over time
- we’ll convert any existing unitised cover you already have with us to fixed cover.
To learn more about our insurance products, read the Insurance in your super booklet available at unisuper.com.au/pds.
Review your level of cover
As your life changes, so can your insurance needs. Our financial tools and advice services can be a helpful way to determine if you have the right level of cover.
Insurance calculator
Our insurance calculator can help you calculate your cover needs, including Income Protection, Death cover, and Total and Permanent Disablement (TPD). It can also help work out premiums. This calculator uses unit values for death and TPD cover and premium rates that apply from 1 June 2024.
General advice
UniSuper membership includes general advice with our super consultants at no extra cost. You can book an appointment to discuss insurance transfer basics by phone, video, or in person depending on where you live.
Personalised advice
With personalised advice, we develop a strategic plan based on your circumstances. The cost of your advice depends on what we’re helping you with, but your first meeting is obligation-free.
How to apply for a transfer
If you meet the eligibility criteria, you can transfer your cover by logging into your online account or returning the completed transfer insurance cover form to us.
Important things to keep in mind
When you’re planning your insurance changeover, make sure:
- we confirm your transfer of cover before you cancel your existing cover with your other provider
- you have enough in your super account to cover your premiums when they’re due.
Your cover will start on the later of:
- the date our insurer accepts your application to transfer cover
- the date you cancel your existing cover with your other super fund or provider.
Frequently asked questions
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How do I know if I have cover with another fund?
If you have insurance cover with another super fund or provider, your most recent benefit statement from that fund should detail how much and what type of cover you have.
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What is default cover?
Default cover is a base level of cover you can receive without providing evidence of your health. The amount of cover you receive as default cover is based on your age:
- for members aged 14 to 69: one unit of Death and TPD cover
- for members aged 70 to 74: one unit of Death-only cover.
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If I claim Income Protection because I can’t work due to my injury or illness, how much of my salary can it cover?
Income Protection can cover up to 85% of your salary, including up to 10% super. It’s paid monthly while you’re off work due to injury or illness. Conditions apply. See the Insurance in your super booklet, available at unisuper.com.au/pds, for details.
We’re here to help
Get in touch
If you have any questions about insurance transfer or your cover, please give us a call. You can reach us from 8.30am to 6.00pm (Melbourne time) Monday to Friday.
Transfer your insurance
With your online account, you can quickly and easily apply to transfer your insurance.
Get financial advice
Chatting to one of our super consultants can help you better understand how insurance transfers apply to you.