VicSuper offers three types of insurance so you can choose cover that best suits your situation:
You can elect to have death and TPD cover that decreases with age where the premium is constant (unit-based cover) or cover that remains constant but premiums increase as you get older (fixed cover).
Eligible members can apply for cover at competitive rates. As premiums are deducted directly from your VicSuper account you do not have the inconvenience of having to make ongoing payments from your take home pay.
Note: if you joined VicSuper through your employer, you may have automatic insurance cover. Visit vicsuper.com.au/insurance for details. You can use this calculator to work out how much your chosen insurance cover will cost.
Death & TPD cover ceases at age 70 and income protection cover ceases at age 65.
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Note: You cannot have a combination of fixed and unit cover.
It is important to note that under fixed cover, while you are age 60 to 64 the TPD component of your fixed cover will reduce by 20% per annum (or part thereof) of the total amount of your benefit from age 60 onwards. From age 64 there is no further reduction however the maximum TPD benefit payable from age 66 is $250,000.
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Death and TPD
(Unit-based cover)(Fixed cover)
Check your existing level of cover via VicSuper MembersOnline.
For full details of the policy and conditions and other important information on insurance cover offered including the premium tables and general, approved and own approved occupation information, please refer to the insurance handbook or contact our Member Centre on 1300 366 216 Monday to Friday between 8.30am and 5pm.
The calculator is based on legislation current as at 1 May 2014 and is based on the limited information that you have provided. Amendments to current legislation including to tax laws may affect the premiums payable. Premiums and cover apply from 1 July 2016 to 30 June 2017.
The figures shown in this calculator are provided as a guide only and must in no way be regarded as guaranteed. Insurance cover is provided under group life insurance and group salary continuance policies issued and underwritten by the National Mutual Life Association of Australasia Limited trading as AMP (the insurer) ABN 72 004 020 437 Australian Financial Services Licence No. 234 649. All cover is subject to the precise terms and conditions of those policies.
This calculator is not intended to represent financial advice. In particular, decisions should not be made in reliance on the results produced by the calculator. The estimates generated do not take into account all of your personal circumstances and you should obtain professional advice from either a VicSuper financial planner or another licensed financial planner before making any decisions about your superannuation.
You should consider updating the information provided by this calculator when your circumstances change.
The Privacy Act 1988 (Cwlth) extends privacy regulation to the private sector, including VicSuper. This legislation governs the proper handling of personal information including how an organisation collects, uses, discloses and stores personal information. For more information on how VicSuper handles personal information, click on the following link to VicSuper's Privacy brochure (personal information). http://www.vicsuper.com.au/privacy
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