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Insurance

Being protected is important. Aussie Residents aged 15-64, are offered Automatic Insurance cover which includes pre-approved Death and Total and Permanent Disablement (TPD) Insurance based on their age.

If you want more cover, you can tailor your cover via our Tailored Insurance Application Form.

Virgin Super Essentials and Virgin Super Plus Automatic Insurance
Type of cover: 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

Type of cover: Death & 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

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


Need more insurance? No problem, Virgin Super offers a range of insurance options that you can tailor to suit your needs. Eligible Virgin Super members can apply for Tailored Insurance cover and/or add Income Protection, by completing the Tailored Insurance application form.

Insurance Type Age and employment eligibility Maximum cover
Death cover[?]< Provides a lump sum cash payment when you die or if 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 nominated beneficiaries for your super Fund. If you're aged anywhere from and including 15 and up to 64. $5,000,000 lump sum
Total permanent disablement[?]<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 and including 15 and up to 64. And working either full time or at least 15 hours per week part time. $2,000,000 lump sum for total permanent disablement.
Income
protection
[?]<If you're unable to work after a 90-day waiting 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 and including 15 and up to 64. 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)

There are three types of insurance with Virgin Super and you can choose one or a combination.

You can apply for Income Protection cover in conjunction with your Automatic Insurance Cover.

Tailored Insurance cover is subject to acceptance by the insurer, and to the terms and conditions of the insurance policies issued by the Insurer to the Trustee.

If you hold Tailored Death only or Tailored Death & TPD cover, you may apply to increase your cover once in any 12 month period without being Underwritten if a Specific Life Event takes place. These are such things as:

  • marriage
  • divorce
  • your child starting secondary school
  • taking a mortgage
  • having a child
  • completing an apprenticeship.

Please refer to the Insurance Guide for full details and conditions.

You can opt out from Automatic Insurance cover at any time, if you don’t think you need it. All you need to do is login to your Super 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.


If you have cover outside of Virgin Super, you may be able to apply to transfer your Death/TPD cover. Please refer to the Insurance Guide for full details.


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 as per examples in the table below. For more info refer to our Insurance Guide.

Calculating the cost of insurance

 

 

 

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.

You can find out more information on Insurance through Super by calling our Customer Care Team on 1300 652 770 between 8am and 6pm AEST, weekdays. You can also check out the Product Disclosure Statement and Insurance Guide. They contain lots of useful details, like when and how you can make a claim, how to figure out costs, when and for how long you’re covered, and more.

Join Virgin Super

Contact us.

Call 1300 652 770

8am-6pm AEST,
Mon-Fri

 

 

It is very important to note that superannuation is a generally long term investment and that past performance is not indicative of future performance.

 

* 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 Super Insurance Guide for more information.

 

^ The Virgin Super Plus Administration Fee rate percentage is tiered and decreases for balances greater than $25,000 and $250,000. Other fees & costs apply, see the Product Disclosure Statement for further information.

 

+ 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.

 

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 Super will suit you. Please consider the Product Disclosure Statement and Financial Services Guide before making a decision about the product.

 

Prepared by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395, AFSL 286869. Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 is Trustee for Virgin Superannuation ABN 88 436 608 094. Virgin Superannuation ABN 88 436 608 094.