Insurance changes

Most members have insurance cover and it will change, reduce or end on 1 July 2019.

These changes are a result of:

  • recently passed Protecting your super laws
  • Tasplan adopting the Insurance in Superannuation Voluntary Code of Practice and
  • the appointment of our new insurer, MetLife.

You may not know it but insurance is important

It’s likely many Tasplan members, possibly like yourself, have insurance without realising it.

There are 13.5 million individuals with insurance inside super1 - if you have it, you're not alone. This provides Australians a basic level of protection and peace of mind. The problem is, only 40% of working Australians claim they have insurance, either inside or outside of super.

Learn why you need it

 

1 Source: www.ricewarner.com/insurance-through-superannuation/.

Review the Significant event notice sent to you

If you have insurance, you should have received a Significant event notice from Tasplan detailing changes to your insurance cover from 1 July 2019.

Log in to view yours


Take action now:

  • check if you have insurance in your super by logging in to Tasplan Online now
  • read your Significant event notice thoroughly
  • consider how much insurance you need
  • take action to ensure you have the cover you need.

  • Tasplan SuperTasplan SuperWhy is your insurance changing?

    We regularly review our insurance offering to make sure it meets the needs of our members, provides good value for money and is compliant with super laws.

    Tasplan, along with most major super funds, has agreed to adopt the new Insurance in Superannuation voluntary Code of Practice (the Code) which sets minimum requirements for insurance within super. In particular, the premium for our default death and total and permanent disablement and income protection cover can’t exceed 1% of an estimated level of salary for our membership.

    Similarly, we’re making changes for the Government’s Protecting your super legislation which comes into effect on 1 July 2019. These reforms aim to protect Australians’ super savings from erosion by fees and insurance premiums. This legislation limits fees that can be charged, and requires super funds to cancel cover as a result of account inactivity.

  • Tasplan SuperTasplan SuperWhat's changing?

    Our insurance product and provider are changing.

    We’re introducing simplified age-based default cover to replace our existing basic cover, along with our fixed cover options. 

    All insured members will be transferred to the new arrangements on 1 July 2019, the amount and the cost of cover will change. In some cases it will reduce or end. We’re also introducing an insurance administration fee, which is included in your insurance costs. This covers the cost of administering your insurance and any claims you may make.

    The new cover also includes a number of changes to the key insurance terms, you can find them here.

    To ensure your insurance is competitively priced we conducted an extensive tender process with major Australian insurers. MetLife was chosen for their strong customer focus and competitive price. MetLife has been a specialist provider of life insurance products in Australia since 2005 and insures millions of Australians.

    From 1 July 2019, Tasplan members will have new insurance arrangements provided by MetLife ABN 75 004 274 882. Full details will be available in the Insurance guide from 1 July 2019.

  • Tasplan SuperTasplan SuperWho’s eligible for the new insurance arrangements?

    All insured members at 30 June 2019 will be transferred to the new insurance arrangements on 1 July 2019.

    Any cover that commences on or after 1 July will be based on the new arrangements.

    If you apply, or have applied, for voluntary cover and this hasn’t been accepted prior to 30 June 2019, your application will be transferred to be assessed by MetLife. Your cover won’t commence until it’s accepted by MetLife.

    Members who become disabled, terminally ill or pass away on or after 1 July 2019 will be covered under the new arrangements.

    If you’re currently claiming, or eligible to claim, with a prior Tasplan insurer, the new insurance arrangements won’t affect you as long as your claim event is deemed to have occurred prior to 30 June 2019. This means you may not be covered under these new arrangements.

    For any future claims the benefit amount will depend on the circumstances and timing of your claim, and will be assessed when you make a claim.

  • Tasplan SuperTasplan SuperBut how much cover do I need?

    While default insurance provides a basic level of protection and peace of mind, figuring out how much insurance you need can be tricky.

    Stages of life such as being single, married or starting a family, have an impact on the cover you require. Financial pressures such as mortgages, school fees or business interests must also be considered. These types of circumstances mean that your insurance requirements can change from one year to the next, and you should regularly review your insurance. In the event of your death, you’d obviously like to minimise the financial stress on your surviving spouse and/or children, so it’s important to consider how much debt may be left behind and what the impact would be on your family in relation to ongoing expenses.

    You can enquire or apply for more cover, make changes or otherwise manage your insurance through Tasplan Online, or by giving us a call on 1800 005 166.

  • Tasplan SuperTasplan SuperWhat cover will you have and how much will it cost?

    From 1 July 2019, you’ll have either default A or default B insurance cover (unless you have, or apply to have, fixed cover or you’re cover ceases due to your age). Your Significant event notice details the cover you’ll receive post 1 July so we encourage you to read it. There may be some circumstances where you will no longer have cover in place.

    Most members will receive default A insurance cover. Only members employed by an eligible employer will receive default B insurance cover. Default B employers include:

    • Tasmanian State Government
    • Tasmanian Local Government and
    • other approved employers.

    If you’re unsure which cover you’ll receive give us a call on 1800 005 166.

    I’ll have default A cover from 1 July 2019:

    I’ll have default B cover from 1 July 2019:

How do you find out about your insurance cover?

Log in to Tasplan Online and go to Insurance for details on your existing cover. You can also find these details in your 30 June 2018 Member statement or call us on 1800 005 166.

Log in to Tasplan Online now.