|
When should I consider insurance?
Any time is a good time to review your insurance, in particular when planning for key events in your life. These include:
- Getting married
- Having children
- Putting together a Financial Plan
- Buying property or any other asset involving debt
- Starting your own business
How much insurance is enough for me?
Generally, insurance is used to make up the shortfall between your needs and existing savings. Everyone's lifestyle needs are different, and your insurance cover should match your circumstances. Find out how much cover you may need with our Income Protection Calculator or Death & Disability Calculator.
What types of insurance can I choose with Vision Super?
Eligible members have automatic Income Protection cover and Death & Disability cover. We understand that everyone has different lifestyle needs, so our insurance allows you to tailor your cover to suit you.
How do I put in a claim?
Call our Member Services team on (03) 9911 3222 (or 1300 300 820 for regional members) and we will send you the required information. Alternatively, your employer or legal representative may also call us to enquire on your behalf.
Why shorten my Income Protection benefit waiting period?
Assessment of your claim can take up to 30 days in addition to your benefit waiting period. With a default waiting period of 60 days, can you afford to wait up to 90 days for your income protection benefit payout? Shorten your waiting period to 30 days so you can get your benefit when you need it.
To shorten your waiting period, complete and send us insurance form 2 and the Personal Statement. The difference in weekly cost per unit can be as little as $0.50 for ages 35-39, or $0.85 for ages 50-54. For full details, see your relevant Product Disclosure Statement.
Basic Income Protection cover insures me for up to 75% of my annual salary. So what does ‘annual salary’ mean?
Generally, your ‘annual salary’ is the annual salary earned by you from permanent employment. It includes: any packaged elements not received directly by you as taxable earnings, and bonuses, overtime and shift allowances. Amounts that you contribute into super from your annual salary are also included. For more details, see your relevant Product Disclosure Statement or call our Member Services team on (03) 9911 3222 (or 1300 300 820 for regional members)
| Annual Insurance Checklist |
|
1. Have you had a salary increase?
Basic Income Protection cover insures up to 75% of your salary, and doesn’t automatically adjust to reflect a change in salary. If your salary increases with your current employer, or you have a higher salary because you’re now with a new employer, let us know within 1 month, so we can keep you covered, and you won’t need to provide medical evidence.
To inform us of a salary increase within 30 days of the increase, you will need to provide a letter from your payroll department confirming your new salary and effective date, and insurance form 2. If more than 30 days has lapsed since your salary increase, you will also need to provide us the Personal Statement.
|
|
2. Is your salary accurate at Vision Super?
Basic Income Protection cover insures up to 75% of your salary, and doesn’t automatically adjust even if your salary has changed. Make sure we have your up-to-date salary, so we can keep you covered.
|
|
3. Is your annual salary over $128,000?
Basic Income Protection cover is capped at a salary of $128,000 a year. So if your annual salary is over $128,000, you will need to apply to increase your cover to 75% of your ‘real’ annual salary. Complete and send us insurance form 2 and the Personal Statement.
|
Additional Links:
For more information or to transfer your existing insurance to Vision Super, please call our friendly Member Services team on (03) 9911 3222 (regional callers 1300 300 820) or email us.
|
