Insurance in Superannuation

Insurance in Superannuation Voluntary Code of Practice

Insurance through Super can be a cost-effective way to help provide a secure financial future in the event of death, disability or temporary setback due to an illness or injury.

We are committed to looking for ways to improve our insurance arrangements for our members. It’s one of the key reasons why we were one of the first Retail Super fund in Australia to commit to adopting the Insurance in Superannuation Voluntary Code of Practice (the Code).

The Code sets out the superannuation industry’s commitment and obligations to achieving the highest standards of value and service when providing insurance to our members.

It also sets out timeframes for us to respond to claims or requests. You can read more about the Code here.

Transition Plan

We have developed a Transition plan to summarise when we will adopt the Code. Read more about our Transition Plan here (45kB PDF).

Claims

OnePath Custodians Pty Limited, as Trustee of the Retirement Portfolio Service, we will oversee and help members or beneficiaries with the claims process.

If you want to make an insurance claim, call us on one of the numbers below to request a Claims Pack, which will include the documents you’ll need to submit your claim.

Product Phone Number

OneAnswer Super and Pension
Integra

133 665

Grow Wrap

1800 893 141

OnePath Endowment
OnePath Whole of Life
OnePath Personal Retirement Plan
OnePath Regular Savings Plan

1800 646 706

OneCare Super
World of Protection (Leading Life) – Super
OnePath Insurance Only Super products (Other)

  • Armstrong Jones
  • Occidental
  • Regal
  • Mercantile Mutual

1300 555 250

ANZ Insurance Only Super Products

  • Renewable Term Insurance
  • Decreasing Term Insurance
  • Level Term Insurance

13 16 14

You can find more information about claims here.

Please refer to our Claims Philosophy document (499kB PDF) to understand how we approach the claims process on behalf of a fund member or beneficiary.

Complaints

As a valued customer we want to hear from you if any of our products and services haven’t met your expectations.

How to make a complaint

Our people will work closely with you to address your concerns quickly and amicably.

Product Call Us Email us Write to us Online Feedback Form

OneAnswer Super and Pension
Integra

133 665

International: +61 2 4224 1335

superfeedback@ioof.com.au

GPO Box 5306
Sydney, NSW 2001

Online Form

Grow Wrap and Portfolio One

1800 893 141
International: +61 02 8245 3759

service@wrapinvest.com.au

GPO Box 3154
Sydney, NSW 2001

Online Form

OnePath Endowment
OnePath Whole of Life
OnePath Personal
Retirement Plan
OnePath Regular Savings Plan

1800 646 706
International: +61 2 9995 1111

client.service@zurich.com.au

Locked Bag 994, North Sydney NSW 2060

N/A

OneCare Super

World of Protection (Leading Life) - Super

OnePath Insurance Only Super products (Other)

  • Armstrong Jones
  • Occidental
  • Regal
  • Mercantile Mutual
ANZ Insurance Only Super Products
  • Renewable Term Insurance
  • Decreasing Term Insurance
  • Level Term Insurance

 

133 667
International: +61 2 9234 8111

insurancefeedback
@onepath.com.au

GPO Box 4148 Sydney, NSW 2001

Online Form

Further Help

If you’re not satisfied with the resolution offered, you can have your complaint reviewed by an external dispute resolution scheme, the Australian Financial Complaints Authority, who provide a free, independent review to reach a resolution that is fair to you and to OnePath.

Time limits may apply to complain to AFCA, so you should act promptly or otherwise consult the AFCA website to find out if or when the time limit relevant to your circumstances expires.

Australian Financial Complaints Authority

Phone: 1800 931 678

Email: info@afca.org.au

Write to: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001

Online: www.afca.org.au

Cancelling or changing your insurance cover

Subject to your policy terms and conditions, if you would like to make changes to your insurance cover including increasing, reducing or cancelling cover, please call us for assistance and further instructions.

Alternatively, contact your financial adviser.

Product Phone Number

OneAnswer Super and Pension
Integra

133 665

Grow Wrap

1800 893 141

OnePath Endowment
OnePath Whole of Life
OnePath Personal Retirement Plan
OnePath Regular Savings Plan

1800 646 706

OneCare Super
World of Protection (Leading Life) – Super
OnePath Insurance Only Super products (Other)

  • Armstrong Jones
  • Occidental
  • Regal
  • Mercantile Mutual

1300 555 250

ANZ Insurance Only Super Products)

  • Renewable Term Insurance
  • Decreasing Term Insurance
  • Level Term Insurance

13 16 14

Consequences of cancelling or changing your insurance cover

Cancellation of your insurance cover means:

  • you won’t be able to make a claim for insurance benefits for events or conditions that arise from the date of cancellation; and
  • insurance fees will no longer be deducted from your account.

If you’re replacing the insurance cover with alternate insurance cover, it’s recommended you wait for the replacement cover to be in place before cancelling your existing insurance cover.

If you have cancelled or reduced your cover and you wish to obtain insurance cover again or increase your cover, you’ll need to make an insurance application. As your application will be subject to health assessment and acceptance by the Insurer, you may not be able to obtain insurance cover, or your cover may be subject to terms and conditions applied by the Insurer.

We recommend speaking to a financial adviser before making any decision about your insurance cover.

Annual Code Compliance Report

Our compliance with the Code will be monitored regularly and results will be set out in our Annual Code Compliance Report – published annually around 30 June. Click here to view our current Annual Code Compliance Report (112kB PDF).

Intention of providing insurance cover

We provide you with peace of mind with a range of insurance cover options. Insurance cover varies for each product, for details, including definitions and how these will be applied in practice, check the product’s Product Disclosure Statement.

Death cover helps protect the financial future of your loved ones in case of your death. It may also be payable if you are diagnosed with a terminal illness.

Total and Permanent Disability cover provides support should you suffer a lifelong disability due to illness or injury that prevents you from working.

Income Protection cover provides financial support in an event of temporary setback due to an illness or injury that prevents you from working.

To find out what insurance cover you have, contact us.

1% insurance fee cap – Integra Super

The Code requires that the fees for automatic insurance cover do not exceed 1% of an estimated level of salary of the general membership.

In many cases, we do not have our members’ individual salary details. Therefore, we estimate their average salaries using their Super Guarantee (SG) contributions over a 12 month period. Where we do not hold members’ occupation details, these members are deemed to belong to an occupation category, which assumes some degree of manual labour.

For the reasons listed above, some of our members may pay more than 1% of their salaries in insurance premiums.

We continue to work with our insurance partners and employers with the aim of become fully compliant with the automatic insurance cover 1% premium cap, whilst still providing benefits tailored to the specific needs of our members.

To facilitate compliance with the Code, we are also introducing the compulsory capture of members’ occupation details, which will support us in meeting the Code requirement.

Benefits and cost of insurance in super

Holding insurance through super can provide peace of mind, knowing that should the unexpected happen, you can continue to look after the ones you love, even if you aren’t around. There are different types of insurance cover available, depending on your superannuation product, such as Income Protection, Total and Permanent Disability cover and Death cover. It’s important to research and choose the superannuation product and insurance cover that best suits you and your circumstances.

As insurance fees are deducted from your superannuation account, they are generally tax effective and don’t impact your take home pay. However, It’s important to remember that insurance fees are deducted from your superannuation account This means less money available to invest, and over the long term, less for your retirement, unless you contribute extra to cover the cost of the insurance fees deducted from your account.

As life changes, your insurance needs may change too. It’s important to review your cover regularly to make sure it continues to be right for you and insurance fees aren’t unnecessarily reducing your super balance.

Further information on insurance inside super is available through the Australian Government’s MoneySmart website here

Helping members to make informed decisions

We are striving to help members make informed decisions about their insurance cover. That’s why we have bought forward publication of a Key Facts Sheet for each of our automatic insurance products.

The Key Facts Sheet is an industry-wide, standardised format developed to provide high-level insurance information to help members understand the cover we offer and compare products.

Key Facts Sheets

Key Documents