Changes to Income Protection

We’re making changes to our Income Protection (IP) insurance for two reasons:

  1. As part of our Insurance in Superannuation Voluntary Code of Practice transition plan, and
  2. The Income Protection claims experience of our Fund.

1. Insurance Code of Practice

The Fund has adopted the Voluntary Code of Practice regarding insurance in super. This means that we’re taking steps to ensure the default (i.e. automatic) insurance we offer is appropriate and affordable. To do this, we must change what we offer.

2. Income Protection claims experience

Due to the increased number of Income Protection insurance claims we have received over the last few years, we’ve reviewed the Income Protection benefits, to reduce the impact to members.

What changes are we making?

Income Protection benefit periods

By changing the Income Protection benefit period from five years to two years, the premiums (i.e. insurance costs) of members with default Income Protection will decrease. However, the premiums of members who have chosen a five-year benefit period will increase.

Note: default insurance is any cover that has been given to someone automatically through their super account. If someone has applied to change their insurance in any way, their insurance is not default.

Annual review changes

Your insurance premium costs are currently updated on 30 June each year. From 1 July 2019, your insurance premiums will be updated on your birthday each year.

Other insurance

There are no changes to the Death cover or Total & Permanent Disablement cover we offer.

What you can do

To have a two-year benefit period and lower insurance premiums, you don’t have to do anything – this will automatically change on 1 July 2019.

If you want to keep the five-year benefit period, simply let us know in one of two ways:

1. Send an email

You can tell us you want to keep your five-year Income Protection benefit period by email. Before 21 June 2019, send an email to stating your request, and include your:

  • Member number
  • Full name
  • Date of birth
  • Postal address

2. Fill in a form

Complete the Five-Year Benefit Period Opt-In form enclosed with your letter and return it in the reply paid envelope provided, or to:


We’ll need to receive the form by 21 June 2019, so please ensure you allow enough time for postage.

We can help you

It’s important you have the right level of insurance cover. Our Insurance needs calculator makes it easy to work out your requirements.

One of our financial planners can help you with a comprehensive evaluation of your current financial state and give advice for your future. If you haven’t met with one of our financial planners before, your initial discussion is completely free. Any additional costs will depend on the complexity of your financial situation and financial plan.

Insurance needs calculator Get advice

If you have any questions, please:

  • call us on 1300 655 002
  • email
  • request a call from a Superannuation Specialist using the form below.

Request a call