Increase your insurance without the hassle
February 20, 2023
If you’ve recently gone through a Life Event like having children, taking out a new mortgage, starting a business or a change in marital status, you may be eligible to increase your Death and Total and Permanent Disablement (TPD) insurance cover without supplying medical and other personal information.
If your life is changing, chances are your insurance may need to also. New changes to our insurance arrangements mean that eligible members^ may be able to increase their Death and TPD insurance due to a Life Event without answering medical and other personal information questions. This can be a quick and easy way to get your insurance sorted without the hassle.
What is a Life Event?
Life Events are changes that may impact your personal or financial situation such as:
- Birth or adoption of a child;
- Marriage or divorce;
- Start or end of a "recognised relationship"* including a civil partnership;
- A new mortgage for the purchase or construction of a home or investment property;
- Financing a renovation to your home or investment property with a minimum cost of $30,000;
- Child starting primary or secondary school;
- Death of a spouse;
- Buying a business with a business loan of more than $100,000
- 30th, 35th, 40th and 45th birthdays.
Am I eligible?
To apply without needing to provide medical and other personal information, you’ll need to be under the age of 65 and in active employment* at the time of your application. Life Events cover is subject to acceptance of your application.
The increased portion of cover will be limited cover until you have been in active employment for 30 consecutive days following the date cover commences. Limited cover* means you’re only covered for sickness that first becomes apparent or an accident that first occurs after your cover increases under the relevant insurance policy.
Some other conditions may apply. For details, refer to your relevant TelstraSuper Product Disclosure Statement (PDS) and Insurance Guide.
Why increase your insurance?
While everyone’s circumstances are different, generally speaking Life Events see people take on more financial responsibility. With more responsibility generally comes more risk, so some people like to review their cover for peace of mind.
You can see what insurance cover you currently have by logging into your SuperOnline account. To apply to increase your Death only or Death and TPD cover due to a Life Event, eligible members# can visit our Insurance Online Portal via their SuperOnline account. There’s also an Insurance Needs Calculator to help you understand how much cover you might need based on the information you enter about your personal circumstances. For example, if you have a mortgage to pay, people to financially support or just a high cost of living.
What does it cost?
You can use our Insurance Premium Calculator to get an estimate of how much the premium cost will be for a nominated amount of cover for your membership type. Generally, premiums for insurance inside super are paid directly from your super account, quarterly and in arrears. While in some cases your employer may pay for default Death and TPD cover, you would be responsible for the cost of any additional cover you take out. Any additional cover you take out are subject to the voluntary rates* applicable to your division membership.
Updating cover outside of a Life Event
You can apply to increase your insurance at any time, including outside of a Life Event. However, if the increase is not the result of a Life Event, you may need to answer medical and other personal questions to determine your eligibility. This information is kept confidential and is only used to assess your application for insurance.
Eligible members# can apply to increase insurance via their SuperOnline account. Otherwise you can download our insurance applications forms.
Need help?
Read through the relevant TelstraSuper PDS and Insurance Guide or for help with your insurance options, simply call us on 1300 033 166 Monday to Friday between 8am – 5pm (Melbourne time).
^Eligible members are insured members of TelstraSuper Corporate Plus or TelstraSuper Personal Plus (including RetireAccess) who are under the age of 65. For full details of the terms and conditions, refer to your relevant TelstraSuper PDS, Insurance Guide and insurance policy.
*For the definitions of recognised relationship, active employment and limited cover please refer to the relevant TelstraSuper PDS and Insurance Guide. For the full terms and conditions relating to Life Events cover, as well as the applicable voluntary rates tables, please refer to the relevant TelstraSuper PDS, Insurance Guide and insurance policy.
#Eligible members are members with an account that allows insurance cover to be applied under an insurance policy and who are registered users of SuperOnline. Eligible members must also have a valid email address and must reside in Australia.
Any general advice in this article has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice in this article, you should consider whether it is appropriate to your individual circumstances. Before making any investment decision, you should obtain and read the relevant product disclosure statement which is available on the Website or by calling 1300 033 166 between 8.30 am and 5.30 pm (AEST) Monday to Friday.