Insurance in Superannuation Voluntary Code of Practice

The Insurance in Superannuation Voluntary Code of Practice (Code) was introduced as the superannuation industry's commitment to ensuring high standards when providing insurance to members of superannuation funds. TelstraSuper supports the Code and adopted it from its commencement date of 1 July 2018, implementing many Code requirements with a focus on:

  • aiming to provide the best available insurance offering to members
  • aiming to ensure that automatic insurance cover in superannuation is ‘appropriate and affordable’ and does not inappropriately erode future retirement income
  • using clear and plain language in communication to members
  • supporting members in vulnerable circumstances
  • providing members with tools to manage and track their insurance applications and claims online
  • acting in the best interests of beneficiaries and providing support in their time of need by compassionately guiding members or their beneficiaries through the claims process.

Since the Code was launched in 2018, regulatory and legislative reforms introduced by the Government have replaced most of the measures outlined in the Code. As a result, the Code owners (The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC)) announced on 1 July 2021 that the Code would be replaced with ‘Guidance Notes to support vulnerable members and claims handling’. For more information, refer to the Guidance Notes (PDF).

TelstraSuper remains committed to trying to provide our members the best possible member insurance experience aligned to the principles of the Code.

For more information:

Key fact sheets

We have developed Insurance in super fact sheets to help you understand your insurance cover. This format is consistent across the industry, so you can easily compare your cover against different super funds.