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 cover<sup>6</sup>

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

 

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

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 $196.88
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.

Tailor your insurance

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) If you're aged from 15 to 64 (inclusive). $5,000,000 lump sum

Total Permanent Disablement^

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+

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)

Insurance type definitions

*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.

^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 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.

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.

Find out more

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

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Customer Care team

Talk to our Customer Care team on 1300 652 770
Mon-Fri 8am-6pm (AEST) apart from public holidays.