Changes to the cost of your insurance in super

Insurance in super may help you or your family cope financially if something unexpected happens. To make sure we can keep helping members by providing financial support after illness, injury or worse, we’ve reviewed the cost of insurance offered in in your account. This will see a change in insurance fees from 1 July 2019.

BT Super for Life – Westpac Group Plan members

For more information about the changes to the cost of insurance in BT Super for Life – Westpac Group plan, please log on to your account in online banking. 

Why is the cost changing?

The government recently introduced a change to how insurance within super works. This change, part of the Protecting Your Super package, means fewer members are likely to have insurance cover. The cost of group insurance is spread across a pool of people. Therefore, reducing the number in that pool means fewer people cover the costs.

One of the costs of providing insurance is being able to make claims payments to members. In recent years, we’ve been paying more insurance claims to members like you when they need us most, increasing the costs.

Why did I receive two Changes to the cost of insurance in super notices?

If you have a BT Super, BT Super for Life or BT Super for Life – Westpac Group Plan account, you would have received a Changes to the cost of insurance in super notice for each of these accounts.

I also have other super with BT, will these insurance fees change on 1 July 2019?

The insurance fees in other products will not be affected by the 1 July 2019 increase.  We will notify you well in advance of any future additional increases, apart from the usual changes that apply each July as you get older.

Why did I also receive a notice about the Protecting Your Super package?

Recent changes to the government’s rules regarding insurance through super mean that from 1 July 2019, super funds can’t provide insurance cover to members where their account has been inactive (no contributions or rollovers received) for a continuous period of 16 months, unless a member confirms they want to keep their insurance cover. If you received a notice from us about the Protecting Your Super changes – this is because these changes impact you – and you need to take action if you wish to retain your insurance on your BT super account.

Because the government’s Protecting Your Super changes and the increase to your insurance premiums both have an effective date of 1 July 2019 – we needed to notify you about them around the same time.  

 

 

Can I change my insurance in super?

Yes, at any time you can apply to change, cancel or add to your insurance by logging into your online account.

BT Super members

Check out the Product Disclosure Statement and the updated Insurance Guide, or Employee Insurance Guide. If you’re unsure, check your Changes to the cost of insurance in super notice.

BT Super for Life members 

Check out the Product Disclosure Statement and the and the updated Additional Information Booklet. If you’re unsure, check your Changes to the cost of insurance in super notice.

 

What do I need to do?

BT Super members

Read through the Changes to the cost of insurance in super notice we sent you. This may also be time to check your insurance cover and update it if needed.

If you have any further questions, you can speak to your financial adviser or call us on 132 135.

BT Super for Life members

Read through the Changes to the cost of insurance in super notice we sent you. This may also be time to check your insurance cover and update it if needed.

If you have any further questions, you can speak to your financial adviser or call us on 1300 653 553.