Insurance Changes

31 January 2022

We are making changes to the insurance in Suncorp Brighter Super and Suncorp Everyday Super to provide more simple, affordable, and sustainable cover that is appropriate for our members.

What are the new insurance arrangements?

Our new insurance, available from 27 February 2022, will be

1. New default insurance

The new default insurance arrangements are designed to be simple to understand, and to provide members with a basic level of Life and Total and Permanent Disablement (TPD) insurance cover. Default insurance will only be available as combined Life and TPD cover.

The levels of cover for default insurance will automatically vary by age, but can be changed to voluntary insurance (which does not vary by age) at your request at any time. The insurance fees payable for default insurance will automatically change according to your age.

2. New voluntary insurance

The new voluntary insurance arrangements are also designed to be simple to understand, and to provide members with a range of Life, TPD, and Income Protection (IP) insurance cover (noting that IP cover is not available to members of Everyday Super). Voluntary insurance will only be available as:

  • Life only cover
  • Life and TPD cover
  • Life and IP cover, or
  • Life and TPD and IP cover.

The levels of cover for voluntary insurance will not automatically vary by age, but will be fixed. You can apply to change them at any time. The insurance fees payable for voluntary insurance will vary depending on the types and levels of cover, and will automatically change according to your age.

What does this mean for me?

For many members your current cover will be brought into line with our new insurance design and you will have new insurance arrangements from 27 February 2022.

If you are affected, we will write to you detailing your current insurance arrangements, your new cover and any other changes you should be aware of.  Letters and emails are being sent between 19 -24 January and are also available in the inbox of your online account.

We encourage you to take the time to read this information so you understand how the changes affect your situation.

Can I keep my current level of cover?

If you have default insurance you can choose to maintain your types and levels of insurance cover in place immediately before 27 February 2022, as fixed cover without underwriting under our new voluntary insurance arrangements. Please read your email or letter for more details.

You can make this choice by either completing the Request to Maintain Current Life and TPD Cover as Fixed Voluntary Cover form, or by logging in to your online account at suncorp.com.au/super and selecting the My Insurance page.

We must receive your request no later than 5pm Australian Eastern Standard Time on 18 March 2022, although we ask you to submit your request before 27 February 2022 for prompt processing.

What if I recently joined the fund?

From 4 February 2022 new versions of the Product Disclosure Statements (PDSs) will be available with details of the new arrangements. If you recently joined Suncorp super we’ll write to you about the changes and provide you with access to the new version of the PDSs.

What else should I consider?

Now may be a good time for you to consider whether the insurance cover provided through your account is appropriate for you, the impact of the new insurance fees on your account balance and any retirement goals, and whether you wish to maintain or change your insurance cover. When considering insurance arrangements, you may wish to review the types of cover, levels of cover, costs of cover, product features, claims reputation, and service levels associated. You may also wish to use an online calculator such as the ASIC MoneySmart Life insurance calculator or speak to a financial adviser

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