Skip to content

Insurance in Super - Voluntary Code of Practice

Update: July 2019

Following the passing of the Protecting Your Super Package (PYSP) legislation in early 2019, the owners of the Insurance in Superannuation Voluntary Code of Practice, AIST and ASFA, announced they would review the Code. They are expecting to release an amended Code that aligns to the PYSP legislation once there is certainty about the outstanding government priorities relating to insurance for members under age 25. The anticipated deadlines outlined in the Trustee’s Transition Plan (see below) have been impacted by this review and an updated transition plan will be published following the release of the amendments to the Code.

Transition Plan: 31 December 2018

Club Plus Super supports the key principles of the Insurance in Superannuation Voluntary Code of Practice (Code) that:

  • Our default insurance cover should be appropriate and affordable and must not inappropriately erode our members’ retirement incomes;
  • Our member communications should be clear, timely and in plain language to assist our members to understand their insurance cover; and
  • We should take an active role in managing claims for our members’ insured benefits and regularly update them on the progress of their claims.

In transitioning to the Code we have taken the following actions:

  • We are reviewing and where relevant amending our insurance disclosures to assist members to understand their insurance cover which will include a Key Facts Sheet on our website. We anticipate that this review will be completed by 1 July 2019;
  • We are reviewing our claims handling process to ensure that roles and responsibilities of the Trustee our insurer and administrator are clear. We anticipate this review to be completed by 1 July 2019. Currently we have a Board Claims Committee which meets monthly and reviews all declined claims; the Trustee considers this process to be in the best interests of our members.
  • We have reviewed our Internal Disputes Framework and further information can be located on our website.
  • We are currently analysing our member and claims data to ensure that we provide an insurance product design that is fit for the membership but also taking into account proposed legislative changes around insurance.
  • Our current Group Life Policy does not expire until 14 October 2020 and therefore it is unlikely that any changes to our insurance offering will be implemented before that time. Any changes planned will address Automatic Cessation of cover, reinstatement and refunds.

Update: March 2018

Club Plus Super supports the key principles of the Insurance in Superannuation Voluntary Code of Practice (Code) that:

  • Our default insurance cover should be appropriate and affordable and must not inappropriately erode our members’ retirement incomes;
  • Our member communications should be clear, timely and in plain language to assist our members to understand their insurance cover; and
  • We should take an active role in managing claims for our members’ insured benefits and regularly update them on the progress of their claims.

Club Plus Super’s current insurance offering was implemented after extensive member consultation, including surveys and workshops, and has been designed as appropriate for our members. Over the coming months we will review our current insurance benefit design and processes against the new benchmarks set by the Code. We already comply with many aspects of the Code, and our review will aim to adopt all provisions that we assess will produce tangible benefits for our members.