There are some important changes to insurance cover through Qantas Super.
Changes to insurance premiums
Insurance premiums will increase for most types of insurance cover from 1 August 2020.
As a member of Division 3A, you pay $0.50 per week for your Standard Cover for death (including terminal illness) and your employer pays the rest of the premiums for this cover. You pay for any Voluntary Cover you may have.
A range of factors mean that our insurer considers it is more likely that members will make insurance claims for some types of cover. The COVID-19 pandemic, the slow down in the Australian economy, and the temporary stand down of many Australian workers, for example, mean more members are likely to make an insurance claim. Insurers around the world have increased insurance premiums to cover the higher risk of claims being made.
Nobody likes price increases, and combined with the additional challenges our members are facing at this time, we understand this news will be disappointing. Please know that we have negotiated tirelessly on your behalf to keep premium increases as low as possible. You have control over the level of Voluntary Cover you may have and can change or cancel your insurance cover at any time.
You can find the new premium rates for Voluntary Cover here.
What do I need to do?
You don’t need to do anything.
How do I change my cover?
If you have Voluntary Cover, you can change or cancel this cover by completing a form and sending it to us. You can download the relevant form here.
Change of insurer
MetLife, a leading global insurer, will be Qantas Super’s new insurance provider from 1 July 2020. With the COVID-19 pandemic leading many insurers to review their premium rates, we negotiated with insurers to minimise premium increases for our members. When compared, MetLife’s pricing, product, and service offering were determined to be in the best interests of our members going forward.
The change of insurer does not change the terms and conditions of your current insurance policies, apart from what has been covered in this notice. Our existing insurance arrangement with MLC will end on 30 June 2020. However, if you make a claim that relates to an injury or illness which happened to you prior to 1 July 2020, it will be assessed by MLC.
We're here to help
To understand these changes in more detail or discuss your insurance options, you can call us on 1300 362 967 or book an appointment with a Super Adviser.