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 options through your super
Australian Ethical Super offers automatic insurance of three units of default Death and Total and Permanent Disablement (TPD) insurance (‘Default Cover’) at a cost of $4.23 per week. 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 reach age 25 and have had an account balance of $6,000. If you’d like to have cover before these conditions are met, you can let us know here.
Insurance can be complicated, so it might be a good idea to speak to a financial advisor to determine your insurance needs, and if the cover provided by the fund is suitable for you.
There are some circumstances that can complicate receiving insurance, such as having a pre-existing illness, injury or condition. Our insurance guide outlines all the important terms and conditions that apply.
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. 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?
The Australian Ethical Financial Services Guide should be considered before making an insurance decision.
|Insurance guide||Contains important information about obtaining your insurance cover through Australian Ethical Super.|
|Insurance application form||To disclose personal details as part of an application for insurance. Please consider the Insurance Guide before applying for insurance.|
|Insurance variation form||Change or reduce your existing insurance cover or apply for fixed or additional life events cover or apply for income protection insurance. Change your personal details including address, occupation category and smoking status.|
|Transfer of insurance cover form||Use this form if you currently have insurance outside Australian Ethical Super, and you’d like to transfer the cover to us.|
|Insurance opt-in form||Complete this form and send it back to us to opt-in and keep your insurance.|
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 begins 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)||July 2020|
|Section 10 (Changes to Cover)||July 2020|
|Sections 4.18 – 4.31 (Cancelling your insurance cover, Communicating lack of contributions, cover reinstatement and duplicate cover)||July to December 2020|
|Section 5 (Communications)||July 2020|
|Section 6 (Supporting Vulnerable Consumers)||December 2020|
|Section 12 (Staff and Service Providers)||December 2020|
|Section 14 (Promoting, monitoring and reporting on the Code)||December 2018 to June 2021|
|Section 4.1 – 4.17 (Benefit design and premiums standards)||July 2021|
|Sections 8, 9 (Premium Adjustments, Promoting our insurance cover)||December 2021|
|Any other process improvements that are captured in the code and are not detailed above.||June 2021|