From the age of 40 we’re usually focused on building wealth for the future. Houses are purchased, investments are made, kids are growing up, education is a priority and living expenses rise. Now is a really important time to make sure that you are well covered, so that in the event of death, sickness or accident, you and your loved ones are well looked after. On the other hand, it makes sense to keep costs down by only paying for the cover you need.
StatewideSuper is making some important changes to insurance premiums and the definition of Total and Permanent Disablement that you should be aware of. The information below will help you learn about these changes, and about the StatewideSuper insurance options available to you.
Why have insurance through StatewideSuper?
Taking out insurance through StatewideSuper has some real financial advantages.
Members are automatically given a standard level of cover when they join as employer-sponsored members. So, unless you’ve opted out, you probably have a basic level of cover.
You don’t have to find extra money to pay for the premiums, as the cost of your insurance is deducted directly from your super account. So – your take home pay isn’t affected.
Plus, you pay less for cover. At StatewideSuper we ‘buy in bulk’, by organising insurance for many of our members. The cost of group coverage is far less than what you would pay for a similar level of individual protection bought directly from an insurance company.
For more detail, please refer to our Insurance in your super booklet.
How I do know my cover is right for me?
Everyone’s circumstances are different, so it’s important to understand how much insurance you need to ensure you have enough cover to protect you and your family. Research shows that many Australians are dramatically underinsured.
Some things you might want to think about when working out how much cover you need, include:
- Your age
- Your income
- Your assets and debts
- Your family situation
- Your health.
What are the new costs for insurance?
Insurance prices in Australia have risen significantly over the past year. At StatewideSuper we work hard to keep your insurance cover affordable; however, for the first time in three years, premiums will rise as of 1 July 2014. These cost increases originate from our insurer1 and are mainly due to increased TPD claims, and the subsequent payouts. StatewideSuper is proud to have supported over 400 members and their families over the past year when in need.
The good news is that we have negotiated to maintain the new premium rate per unit 2 for the next two years, and as your insurance premiums are deducted directly from your super account, your take home pay isn’t affected.
Click here to view the new insurance rates.
How can I change my cover?
If you need to increase your cover, login to our secure online area, Statewide.On.Line and complete the online e-apply Insurance Application.
If you haven’t used Statewide.On.Line before, register to get started. Be sure to have your member number on hand before you start.
Alternatively, print and complete our Insurance Application and Personal Statement Form.
To reduce or cancel cover you need to complete a Reduce or cancel insurance form.
How do I make a claim?
We’re your first point of contact for claims. If you think you might be entitled to make a claim, call our helpful Client Services team on 1300 65 18 65 in the first instance, and we’ll start the process for you.
Most claims are straightforward to process, so you don’t necessarily need external help with your claim.
Why is the TPD definition changing?
Effective from 1 July 2014, the definition of TPD will be changing in order to simplify our TPD assessments, and as a result of the Australian Government’s new Stronger Super reforms.
You will still need to satisfy the existing criteria in our definition of TPD in order to qualify for a TPD insurance benefit. From 1 July 2014, all TPD criteria will include the following condition, to provide more clarity when assessing and paying TPD claims for our members:
You must be incapacitated to such an extent so as to be unlikely ever to work again in any occupation or work for which you are reasonably qualified by reason of education, training or experience.
This change will affect StatewideSuper members who have TPD insurance through their super. Read more details of the change.
View our Life changes easy-guide here
1. MetLife Insurance Limited ABN 75 004 274 882 AFSL 238096 (‘MetLife’ and the ‘Insurer’).
2. This is based on the current benefit scale for the next two years.