Insurance is available to provide members and their families with financial security if difficulties are encountered. It can help protect you and your family in the event that you die, become totally and permanently disabled, terminally ill or are temporarily unable to work due to injury or illness.
Insurance through your super
What is Default Cover?
Australian Ethical Super offers default Death and Total and Permanent Disablement (TPD) insurance (‘Default Cover’). The amount of Default Cover you receive is based on your age. Insurance premiums are paid monthly from your super account and are based on your age, occupation category and sex at birth.
As we know our members are all very different, you have the option to tailor this insurance to suit your needs. From 1 April 2020, Default Cover is automatically provided when you are 25 or older (but under 65) and have had an account balance of $6,000 (as long as you don’t have an inactive account and haven’t previously cancelled any insurance held through the Fund). If you’d like to have cover before these conditions are met, you can let us know here.
The automatic insurance you receive is subject to eligibility criteria and may be cancelled in certain circumstances, for example, if you don’t pay your premiums or you leave the fund. Insurance for some members may exclude pre-existing illnesses, injuries or conditions, so it’s important to read the Insurance Guide and that you understand the important terms and conditions that apply.
Having the right type of insurance and the right level of insurance cover is an important part of planning for the future and protecting the finances of yourself and your family. While people insure their car and home, when it comes to personal insurance many people are under insured. Think about how you or your family might cope financially if you were not able to work either temporarily or even permanently due to illness or injury or in the event of your death.
Insurance is complex so we recommend speaking with an appropriately licensed adviser before making any decisions. There are some circumstances that can complicate receiving insurance, such as having a pre-existing illness, injury or condition. Please read the Insurance Guide which explains important conditions and terms that apply to your insurance cover.
We offer insurance cover through MetLife Insurance Limited. You can find more information about the types of insurance we offer.
Insurance claims – FAQs
Financial protection for you and your family means understanding the different types of insurance and how to make a claim.
Have a read through our FAQs below to understand the process for making a claim depending on your circumstance.
- How to apply for an Income Protection Benefit payment
- How to apply for a Death Benefit payment
- How to apply for a Terminal Illness Benefit payment
- How to apply for a Total and Permanent Disablement (TPD) payment
- What happens to my super when I pass away?
Insurance in Superannuation Voluntary Code of Practice
Australian Ethical has elected to adopt the new Insurance in Superannuation Voluntary Code of Practice (Code). Though our insurance offering already complies with many aspects of the Code, we will work hard with our providers MetLife and Mercer Administration to identify any further opportunities for improvement. Some of the key principles of the Code are:
- Plain language in member communications
- Active management of insurance claims
- Defined timing for processing of claims
- Factsheets available on our website
The Code began on 1 July 2018, and super funds have until 30 June 2021 to fully implement the new requirements.
See our transition/implementation plan below and if you would like more information, please refer to the Voluntary Code:
|Transition plan - section(s) of the Code|
|Section 15 (Definition of Automatic Insurance Members)||December 2018|
|Sections 7, 11, and 13 (Handling Claims, Refunds, Making enquiries & complaints)||June 2021|
|Section 10 (Changes to Cover)||June 2021|
|Sections 4.18 – 4.31 (Cancelling your insurance cover, Communicating lack of contributions, cover reinstatement and duplicate cover)||June 2021|
|Section 5 (Communications)||June 2021|
|Section 6 (Supporting Vulnerable Consumers)||June 2021|
|Section 12 (Staff and Service Providers)||June 2021|
|Section 14 (Promoting, monitoring and reporting on the Code)||June 2021|
|Section 4.1 – 4.17 (Benefit design and premiums standards)||June 2021|
|Sections 8, 9 (Premium Adjustments, Promoting our insurance cover)||June 2021|
|Any other process improvements that are captured in the code and are not detailed above.||June 2021|