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Virgin Money Super Insurance Options

We'll help you protect what matters through a range of insurance options so you can make the right decision based on your insurance needs. We offer Automatic Insurance cover6 – that means no medicals. And your premiums are paid from your super rather than your savings today.

Find out how Virgin Money Super can help protect the people you love financially. And remember, it is totally up to you.

Protect yourself and your loved ones

Automatic Insurance cover6
Tailor Your Insurance

You’ll be covered with our Automatic Death & Total and Permanent Disability Insurance

Make sure you’re covered. We offer pre-approved Death & Total and Permanent Disablement (TPD) Insurance7 to Aussie Residents aged 15-64. When you join Virgin Money Super, Automatic Death & TPD Insurance cover will be added to your account. Take a look at the chart below to see how Virgin Money Super can help you to protect your future.

Type of cover: Death and TPD

Age Next Birthday Cover provided Weekly premium
16-20 $90,400 $0.86
21-25 $162,600 $1.72
26-30 $243,000 $2.58
31-40 $270,400 $3.44
41-45 $176,000 $4.30
46-50 $67,600 $3.44
51-55 $34,200 $2.58
56-60 $15,600 $2.58
61-65 $14,100 $2.58

+Death only

Age Next Birthday Cover provided Weekly premium
16-20 $90,400 $0.52
21-25 $162,600 $1.04
26-30 $243,000 $1.56
31-40 $270,400 $2.08
41-45 $176,000 $2.60
46-50 $67,600 $2.08
51-55 $34,200 $1.56
56-60 $15,600 $1.56
61-65 $14,100 $1.56

Calculating the Insurance Fee

The cost of Insurance is made up of two elements, a flat fee of $1.50 per month (retained by the Fund to cover the cost of providing insurance to members) and a monthly premium payable to the Insurer. The monthly premium is based on the type of cover, number of units and your age. For more info, refer to our Insurance Guide.

Age next Birthday Type of Automatic Insurance cover6 Annual Premium Annual Cost Recovery Fee Annual Insurance Fee
A B C = A+B
30 Death and TPD ($2.58/week x 52) = $134.16 $1.5 x 12 = $18.00 $152.16
30 Death only ($1.56/week x 52) = $81.12 $1.5 x 12 = $18.00 $99.12
40 Death and TPD ($3.44/week x 52) = $178.88 $1.5 x 12 = $18.00 $152.16
40 Death only ($2.08/week x 52) = $108.16 $1.5 x 12 = $18.00 $126.16

Don’t need our Automatic Insurance Cover6?

You can opt out of Automatic Insurance cover6 at any time, if you don’t think you need it. All you need to do is login to your online account and head to the 'Insurance' section to update your Automatic Insurance preferences. Alternatively, you can call our Customer Care team on 1300 652 770.

For more details on how your cover and premium is calculated and any applicable exclusions, please refer to Section 3 of the Insurance Guide.

Choose the right level of insurance cover to protect what matters to you.

Need more insurance? No problem, Virgin Money Super has a range of insurance options you can tailor to suit you.

There are three types of insurance cover to choose from. Choose one or a combination. You can even apply for Income Protection cover along with your Automatic Insurance cover6. Below is a summary of the type and level of cover you can choose to suit your insurance needs.

Insurance Type Age and employment eligibility Maximum cover
Death Cover (including Terminal Illness Cover)
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Provides a lump sum cash payment when you die or you’re diagnosed with a terminal illness, meaning you’ll die within 12 months. We recommend if you haven’t done so already, that you inform us of your nomination beneficiaries for your super fund.

If you're aged from 15 to 64 (inclusive). $5,000,000 lump sum
Total Permanent Disablement
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Provides a lump sum cash payment if you’re permanently unable to work due to illness or injury. It’s important to know that you can only take up TPD with death cover (i.e. not on a standalone basis).

If you’re aged from 15 to 64 (inclusive). And working either full time or at least 15 hours per week part time. $2,000,000 lump sum (provided you do not intend to lodge a claim for Terminal Illness benefit).
Income Protection
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If you’re unable to work after a 90-day period due to temporary illness or injury, Income Protection Insurance pays up to 75% of your salary, in monthly benefits.

If you’re aged from 15 to 64 (inclusive). And working either full time or at least 15 hours per week part time. $30,000 per month or 75% of monthly salary (whichever is the lesser amount)

It is important to note Tailored Insurance cover is subject to acceptance by the Insurer, OnePath Life Limited, and to the terms and conditions of the insurance policies issued by the Insurer to the Trustee. Eligible Virgin Money Super members can apply for Tailored Insurance cover and/or add Income Protection, by completing the Tailored Insurance application form.

If you’re an existing customer and hold Tailored Death only or Tailored Death and Total and Permanent Disability cover, you can apply to increase your cover by up to 25% to a maximum of $250,000 once in any 12 month period for any one Specific Life event without being Underwritten. Specific Life Events include:

  • Marriage
  • Divorce
  • Your child starting secondary school
  • Taking a mortgage
  • Having a child
  • Completing an apprenticeship

You can increase your cover to a maximum of 3 times under the Life Events cover. Please refer to the Insurance Guide for full details and conditions.

How to Cancel Tailored Insurance

If you decide your insurance needs have shifted and you no longer want Tailored insurance, it’s easy to make changes. To cancel all or part of your Tailored Insurance, just log into your online account and head to the ‘Insurance’ tab or call our Customer Care team on 1300 652 770.

Find out how Income Protection Insurance through a Virgin Money Super account helped one of our customers8

One of our customers, aged between 45-55, suffered from a heart condition impacting their working capacity. They lodged a claim in February 2015 and an income protection benefits of over $3,000 was paid each month from May 2015 to assist the customer through a difficult time. The monthly benefit was paid until July 2015 when they were able to successfully return to work.

Managing your insurance through Virgin Money Super is easy

You can manage your insurance easily through your online account. That includes opting out of Automatic Insurance cover6 or accessing forms to apply for Tailored Insurance.


Personalised advice

If you need help working out which insurance is right for you, our Helpline Advice Service can help you with your decisions.

You can also check out the Product Disclosure Statement and Insurance Guide. They contain useful details like:

  • How to make a claim
  • How to figure out costs
  • When and for how long you’re covered
  • Specifics like underwriting

To find out more about the type of insurance we offer through your Super call our Customer Care team between 8am and 6pm AEST, weekdays.

Call us on 1300 652 770

Get started now
with Virgin Money Super

Important stuff

The information above is intended as a guide only. If you are unsure about who you need to make contributions for we suggest you contact the ATO.

As an employer, it's important you fully understand your superannuation obligations as failure to meet these minimum requirements could mean financial penalties from the Government.

QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by Virgin Money Super.

This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. As we don't know your financial needs we can’t advise if Virgin Money Super will suit you. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before making a decision about the product. For further information about the insurance options refer to the Insurance Guide.

The Superannuation Fees described on the Fees page apply from 12 December 2016. Here you'll find the official Superannuation Industry (Supervision) Act 1993 ('SIS Act') definition for each fee type.

While there are no contribution, withdrawal or switching fees, a buy/sell spread applies at a fund level when purchasing and selling units. Other fees and costs may apply such as insurance fees. These are retained by the fund and are not paid to Virgin Money or the Trustee. All fees are inclusive of Goods and Services Tax (GST) and net of Reduced Input Tax Credits (RITC).

Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees.

It is very important to note that superannuation is generally a long term investment. Past investment performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. It is very important to note that superannuation is a generally long term investment and that past performance is not indicative of future performance.

Prepared by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869. Virgin Money Super is a plan in the Mercer Super Trust ABN 19 905 422 981. Virgin Money Super is issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 as trustee of the Mercer Super Trust. For more information about Virgin Money Super, please refer to the PDS which is available free of charge on our website or by calling the Customer Care team on 1300 652 770.

Source: https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Super-accounts-data-overview/

SuperRatings award reflects a funds' value for money, and is awarded based on a rating system of investment, fees and service. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.

The amount shown is an estimate only of the Indirect Cost Ratio (ICR) generally expected to apply to these investments for 2016-2017 Financial Year.

Virgin Money Super’s fund returns shown above are net earnings and are calculated after the deduction of applicable taxes and costs. The results are current as at 31 January 2017. These results are provided by Virgin Money Super Asset consultants. It is very important to note that past performance is not indicative of future performance.

The median results are provided by SuperRatings and are current as at 30 June 2016 as a benchmark only. Virgin Money Super has not verified its accuracy so we can’t guarantee that it is correct, and accept no liability for inaccuracies, errors or omissions.

Eligibility crtieria and fees apply. Aged 15-64 Death and Total and Permanent Disablity cover. Automatic Insurance cover is subject to Exclusions including Pre-Existing Medical Condition exclusion. This means that, you won’t be covered for any illness, injury, condition or related symptom that you were aware of or should have been aware of, or had a medical consultation for, were planning to have a medical consultation for, or should have had a medical consultation for in the two years prior to cover commencement. See the Virgin Money Super Insurance Guide for more information.

Automatic Death & TPD cover for Australian residents aged 15-64 with our default insurance offering. Conditions and Exclusions (such as pre-existing medical conditions) apply. See the Virgin Money Super Insurance Guide for more information.

The case studies shown are hypothetical and are not meant to illustrate the circumstances of any particular individual. All claims will be assessed in accordance with the policy terms. In the event of any inconsistency with other material, the insurance policy terms will prevail.
For further information regarding Virgin Money Super’s insurance cover, including terms, conditions and eligibility, please refer to the Insurance Guide which forms part of the Product Disclosure Statement (PDS). The PDS is also available free of charge by contacting Customer Services on 1300 652 770.
This information is of a general nature and has been prepared without taking account of your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. You should read the relevant Product Disclosure Statement available by calling 1300 652 770 and consider if this product is right for you before making a decision to acquire or continue to hold the product.