We work closely with our Insurer (MLC Life) to regularly review the insurance we offer our members, to make sure it continues to provide you with the best-value cover and to meet changing government requirements.
Our focus is to keep fees and costs low, so you have more in retirement – that’s why your premiums haven’t gone up for some time. In the last few years many factors have contributed to insurance premiums rising across the superannuation industry, with most funds putting their premiums up – in some cases premiums have more than doubled.
MLC Life has determined that a 17.8% premium increase is required to continue to cover the cost of providing insurance to our members. The changes will be effective 1 January 2021 and are guaranteed for two years.
The amount you pay varies according to your circumstances. To understand the impact on you, calculate your new premiums using our Death and TPD and Income Protection calculators (only for Super Saver Members).
Jessica is 30 years old and has three units of death and total and permanent disablement cover, which for a 30-year-old is $262,500 of cover. Before 1 January 2021 she paid $4.29 a week for her cover, from 1 January 2021 she will pay $4.98.
If Jessica had fixed her cover for death and total and permanent disablement of $250,000, before 1 January 2021 she paid $0.86 per year per $1,000 of cover, which was an annual premium of $215.00. After 1 January 2021, she will pay $247.50.
We have also updated some aspects of the way TPD and IP are defined in our policies, to make the definitions more relevant to capacity for work. Please note that this change will be only applied to any events occurring after 1 January 2021.
If you have insurance, no. The new insurance premiums will apply automatically from 1 January 2021. However, now might be a good time to:
The new Product Disclosure Statement (PDS) and the Insurance guide will be available on 1 January 2021 at visionsuper.com.au/publications or by calling us.
If you change your employer in most instances you can request, they pay your super into your Vision Super account. Simply fill in the Choice of Fund form and hand it in to your payroll officer.
If you have to go with your employers default super fund you may be able to keep your insurance benefits with us because your insurance cover with Vision Super doesn’t necessarily cease when you change employers (provided that you satisfy the terms and conditions contained within the relevant insurance policy).
We’d encourage you to talk to us before you engage a lawyer. Vision Super pays more than 85% of insurance claims, so the likelihood is your claim will be paid if you work with us directly, and you’ll end up with more of your money. Many lawyers advertise that they’ll work for you on a ‘no win, no fee’ basis, but if your claim is approved, they may take a large chunk of your payout – it can be around 30% of an entitlement. Our insurance team is here to help you through every step of the claims process, including all the paperwork, without having to get a lawyer involved and potentially losing money you need to pay for medical treatment or maintain your lifestyle.
Yes, you can cancel your cover at any time. Any cancellation or reduction of cover will take effect from the date we receive your request or the date you specified in your request (as long as it’s after the date we receive it). If you are replacing your existing cover with an alternative cover, before cancelling we recommend that you have your replacement cover in place first. To talk to us about cancelling a policy, please call us on 1300 300 820.
If you are thinking about changing your insurance please consider seeking financial advice before making any changes to make sure it is right for you and your needs and circumstances.
You may be able to get cover if you have a pre-existing medical condition. You will just need to apply to remove the pre-existing condition exclusion when you join by filling in a Personal Statement. Our Insurer will review your application taking into consideration any pre-existing conditions and general health and advise if your request has been accepted.
If your application is unsuccessful, there will be a two-year Pre-Existing Condition (PEC) exclusion on Death and TPD cover and Income Protection cover. This means that no benefit will be paid if you are totally and permanently disabled, terminally ill or die as a direct or indirect result of a pre-existing medical condition in the first two years of your insurance cover.
You can have multiple income protection policies, and there are legitimate reasons why people choose more than one product.
However, some income protection policies prevent claimants from receiving more than a certain percentage of their gross salary while off work. What that means is you could have three income protection policies that all offer payments equalling 75 per cent of your gross salary, but you wouldn’t be able to claim the full amount from all three. You would typically be limited to a combined maximum of 75 per cent across the policies.
The great news is you can now open your pension account online through the secure site.
You’ll just need to open a Vision Personal account first and then you can transfer across to a Vision Super pension.