Understanding changes to your Lutheran Super insurance cover

11/11/2014

As well as taking care of your super, Lutheran Super provides you and your family with a range of flexible insurance cover options.

We have recently reviewed the insurance benefits offered by AIA Australia Limited ABN 79 004 837 861, taking into account the ongoing effect of claims, costs across the industry and our members' needs.

As a result, changes to insurance cover will take effect from 1 January 2015.

What's changing?

Here's a summary of the changes and how they apply from 1 January 2015 to existing and new Lutheran Super members.

What do you need to do?

You don't need to do anything unless you want to change your level of cover. The changes that apply to you will take effect automatically on 1 January 2015. The premiums for your cover, if applicable, will, continue to be deducted monthly from your super account.

However, now may be a good time to review your insurance needs to make sure you are adequately covered. We encourage you to:

  • Read the covering letter you received from Lutheran Super and the notice, Understanding changes to your insurance cover carefully to understand your current levels of cover, these changes and what they may mean for you.
  • Read the guide, Your insurance cover: the details for full details of the new terms and conditions that apply to your insurance options.
  • Consider whether your current cover suits your situation and needs and whether you may want make any changes. You can speak to a financial adviser about your level of cover over the phone, at no cost, by calling the Lutheran Super Helpline on 1800 635 796.
  • Obtain a quote for the cost of cover that would apply from 1 January 2015 to any change in your level of cover, using the insurance calculator located on the Your Super and Insurance page in your online account on the website. If you want to reduce your level of cover, your request must be received by Lutheran Super by Friday 19 December 2014 for the revised premiums to apply from 1 January 2015. You will need your PIN to access your account, if you don't have a PIN or have forgotten it contact the Lutheran Super Helpline.
  • You can apply to increase, decrease or cancel any of your cover at any time by completing an Adjusting your insurance cover form. Please note that you can request death only cover, but you cannot have TPD only cover. If you cancel your death cover, you will also cancel your TPD cover.

If you apply to increase your cover outside of opt-up or life stage events options, your request, along with evidence of good health, must be approved by the insurer before any increased cover is provided.

Insurance premium increases

Premium increases are not isolated to Lutheran Super - the cost of insurance provided to some members of many super funds has also increased. While we have endeavoured to contain premium increases as much as possible, these changes have been driven largely by a surge in claim payments affecting the cost of cover across the whole industry.

The Trustee of Lutheran Super is committed to providing you with competitive and flexible insurance cover in your super. We have sought to contain the impact of these changes as much as possible, upholding our commitment to being a fund of excellence that supports our members in planning for their retirement.

While these changes have been largely due to increased claims costs across the industry, the cover you receive through Lutheran Super remains competitive.

Claims under current terms

The current insurance policy terms and conditions will apply where the member's date of disablement is on or before 31 December 2014. The new insurance policy terms and conditions will apply where the member's date of disablement is on or after 1 January 2015.

Useful links

 

Important information: This information has been prepared and published by LCA Nominees Pty Ltd ABN 61 008 204 939 AFS Licence #240571as trustee for Lutheran Super ABN 93 371 348 387 MySuper authorisation 93371348387621 (Trustee). The information contained in this letter is  general advice only of members of Lutheran Super and does not take into account a person"s individual financial objectives, financial situation or needs. We recommend that you seek advice from a licensed financial adviser before acting on any information contained in this document. The Trustee reserves the right to correct any errors or omissions. The Lutheran Super Helpline and the Lutheran Super website are provided by Mercer Outsourcing (Australia) Pty Ltd ABN 83 068 908 912 Australian Financial Services Licence #411980.

 

LCA Nominees Pty Ltd ABN 61 008 204 939 AFS Licence #240571, as Trustee for Lutheran Super ABN 93 371 348 387.

This website is provided by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980. The Trustee pays a fee for the provision of this service, however this fee is not conditional on you using this service or acting on the information or advice provided through this service.