Transferring insurance considerations
Transferring your insurance, whether from another super fund or a standalone life insurance policy, requires thoughtful consideration. Keep these questions in mind before making your decision:
- Do you need more coverage? Assess whether the transfer will meet your current and future insurance needs.
- Who currently pays for your insurance? Find out if you pay your insurance premiums directly, through your employer, or through a deduction from your super account.
- Payment method for your current coverage: Clarify whether your premiums are deducted from your super balance or paid out of pocket.
Are you eligible to transfer your insurance?
To be eligible, you must meet the following conditions:
- Current insurance policy: Your current insurance must be under another life insurance policy, either with a super fund or through a retail policy. Insurance coverage from self-managed superannuation funds (SMSFs) cannot be transferred.
- Insurer's eligibility criteria: You must meet the specific eligibility criteria set by the insurer.
- Claim status: You have never made a claim against the insurance cover you are transferring and are not entitled to make one.
For more detailed information refer to the 'Employer Sponsored Super & Personal Super Additional Information' document or the Target Market Determination (TMD) relevant to your member type. These documents can be found here.
How much insurance can you transfer?
Eligible members can transfer Death Only, Death & TPD cover of up to $1,000,000, and/or Salary Continuation cover monthly benefit of up to $20,000. Before transferring your coverage, you should consider the differences between policy terms and conditions.
How to apply
The transfer process is seamless and easy. Submit the necessary documents and information with your application through your MemberAccess account. See the insurance roll-in form below for detailed instructions on transferring insurance coverage, including coverage types, eligibility, and application details.
After receiving confirmation that your insurance transfer request has been accepted, you should cancel your previous insurance to maintain coverage. The insurer will check whether you have cancelled your previous cover in the event of a claim. If you fail to do so, a benefit amount can be reduced.
Need more help? Contact our Client Services team
Disclaimer
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