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Insurance in super

Insurance through super can be a cost-effective way to help provide a secure financial future in the event of death, disability or temporary setback due to an illness or injury.

Here we describe our commitment to the Australian Superannuation Voluntary Code of Practice (the Code) and how we are supporting our super members.

Insurance in Superannuation Voluntary Code of Practice (the Code)

We are committed to looking for ways to improve our insurance arrangements for our members. It’s one of the key reasons why we were one of the first Retail Super fund in Australia to commit to adopting the Insurance in Superannuation Voluntary Code of Practice (the Code).

The Code sets out the superannuation industry’s commitment and obligations to achieving the highest standards of value and service when providing insurance to our members.

It also sets out timeframes for us to respond to claims or requests. You can read more about the Insurance in Superannuation Voluntary Code of Practice here.

Transition Plan

We have developed a Transition plan to summarise when we will adopt the Code. Read more about our Transition Plan (111kB) here.

Making an insurance claim

OnePath Custodians Pty Limited, as Trustee of the Retirement Portfolio Service, we will oversee and help members or beneficiaries with the claims process.

If you want to make an insurance claim, call us on 13 12 87 (ANZ Smart Choice Super) 13 38 63 (ANZ Super Advantage and ANZ OneAnswer Personal Super) to request a Claims Pack, which will include the documents you’ll need to submit your claim.

You can find more information about claims here.

Please refer to our Claims Philosophy document (PDF 77kB) to understand how we approach the claims process on behalf of a fund member or beneficiary.

Talk to us

Complaints

We value your feedback regarding our performance and we’re committed to resolving any concerns you may have.

Talk to us

You can contact our customer service team for any enquiries, concerns or to provide feedback. See our contact details below. We’ll do our best to resolve any concerns you have genuinely, promptly, fairly and consistently, and keep you informed of the progress.

If you’re not satisfied with the response to your complaint or our feedback, we’ll escalate your concerns to our Complaints Resolution Centre.

Call us

Our customer services team are available on weekdays from 8:30am to 6:30pm (Sydney/Melbourne time).

Online

OnePath feedback, compliment, and complaints form

Email us

superfeedback@ioof.com.au

Write to us

Complaints Resolution Centre
GPO Box 5306
SYDNEY NSW 2001

Further help

If you are not satisfied with the resolution offered by our Complaint Resolution Centre, you can have your complaint reviewed free of charge, by the Australian Financial Complaints Authority, an external dispute resolution scheme.

   

Australian Financial Complaints Authority (AFCA)

The Australian Financial Complaints Authority (AFCA) offers fair, independent and accessible dispute resolution for consumers who are unable to resolve complaints directly with their financial services provider. In most cases you have two years to submit a complaint to AFCA after you have raised it with us and received a final outcome from us.

Call us

1800 931 678 on weekdays (except on public holidays) from 9am to 5pm (AEST)

Email us

info@afca.org.au

Write to us

Australian Financial Complaints Authority
GPO Box 3,
Melbourne VIC 3001

Online

www.afca.org.au

Cancelling or Changing Your Insurance Cover

Subject to your policy terms and conditions, if you would like to make changes to your insurance cover including increasing, reducing or cancelling cover, please call us for assistance and further instructions.

Alternatively, contact your financial adviser.

 

ANZ Smart Choice Super

13 12 87

Mon-Fri 8.30am to 6.30pm (Sydney/Melbourne time)

ANZ Super Advantage and ANZ OneAnswer Personal Super

13 38 63

Mon-Fri 8.30am to 6.30pm (Sydney/Melbourne time)

Consequences of cancelling or changing your insurance cover

Cancellation of your insurance cover means:

  • you won’t be able to make a claim for insurance benefits for events or conditions that arise from the date of cancellation; and 
  • insurance fees will no longer be deducted from your account.

If you’re replacing the insurance cover with alternate insurance cover, it’s recommended you wait for the replacement cover to be in place before cancelling your existing insurance cover.

If you have cancelled or reduced your cover and you wish to obtain insurance cover again or increase your cover, you’ll need to make an insurance application. As your application will be subject to health assessment and acceptance by the Insurer, you may not be able to obtain insurance cover, or your cover may be subject to terms and conditions applied by the Insurer.

We recommend speaking to a financial adviser before making any decision regarding your insurance cover.

Annual Code Compliance Report

Our compliance with the Code will be monitored regularly and results will be set out in our Annual Code Compliance Report – published annually around 30 June. View our current Annual Code Compliance Report (PDF 76kB)

Intention of providing insurance cover

We provide you with peace of mind with a range of insurance cover options. Insurance cover varies for each product, for details, including definitions and how these will be applied in practice, check the product’s Product Disclosure Statement.

Death cover helps protect the financial future of your loved ones in case of your death. It may also be payable if you are diagnosed with a terminal illness.

Total and Permanent Disability cover provides support should you suffer a lifelong disability due to illness or injury that prevents you from working.

Income Protection cover provides financial support in an event of temporary setback due to an illness or injury that prevents you from working.

To find out what insurance cover you have, contact us.

1% Insurance Fee Cap

1% insurance fee cap – ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE management and their employees

The Code requires that the fees for automatic insurance cover do not exceed 1% of an estimated level of salary of the general membership.

In many cases, we do not have our members’ individual salary details. Therefore, we estimate their average salaries using their Super Guarantee (SG) contributions over a 12-month period.

Where we do not hold members’ occupation details, these members are deemed to belong to an occupation category, which assumes some degree of manual labour.

For the reasons listed above, some of our members may pay more than 1% of their salaries in insurance premiums.

We continue to work with our insurance partners and employers with the aim of become fully compliant with the automatic insurance cover 1% premium cap, whilst still providing benefits tailored to the specific needs of our members.

To facilitate compliance with the Code, we are also introducing the compulsory capture of members’ occupation details, which will support us in meeting the Code requirement.

Benefits and cost of insurance in super

Holding insurance through super can provide peace of mind, knowing that should the unexpected happen, you can continue to look after the ones you love, even if you aren’t around. There are different types of insurance cover available, depending on your superannuation product, such as Income Protection, Total and Permanent Disability cover and Death cover. It’s important to research and choose the superannuation product and insurance cover that best suits you and your circumstances  

As insurance fees are deducted from your superannuation account, they are generally tax effective and don’t impact your take home pay. However, It’s important to remember  that insurance fees are deducted from your superannuation account This means less money available to invest, and over the long term, less for your retirement, unless you contribute extra to cover the cost of the insurance fees deducted from your account.

As life changes, your insurance needs may change too. It’s important to review your cover regularly to make sure it continues to be right for you and insurance fees aren’t unnecessarily reducing your super balance.  

Further information on insurance inside super is available through the Australian Government’s MoneySmart website here.

Key fact sheets

We are striving to help members make informed decisions about their insurance cover.

That’s why we have bought forward publication of a Key Facts Sheet for each of our automatic insurance products. The Key Facts Sheet is an industry-wide, standardised format developed to provide high-level insurance information to help members understand the cover we offer and compare products.

Our Key Facts Sheets provide high-level insurance information to help you understand the cover we offer and compare products.

The Key Facts Sheets can be found here:

Key Facts Sheet for ANZ Smart Choice for Employer and Their Employees

Talk to us about superannuation

13 12 87

Mon-Fri 8am to 7pm (AEST) 

ANZ Smart Choice Super is a suite of products consisting of ANZ Smart Choice Super and Pension, ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (together ‘ANZ Smart Choice Super’). ANZ Smart Choice Super and Pension is a retail product issued pursuant to a Product Disclosure Statement (PDS) (PDF 189kB) . ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are both MySuper compliant employer products issued pursuant to a separate PDS for employer plans (PDF 186 kB) and PDS for QBE (PDF, 198kB).

ANZ Smart Choice Super is issued by OnePath Custodians Pty Limited (OnePath Custodians) (ABN 12 008 508 496, AFSL 238346, RSE L0000673), and the ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522). ANZ is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Custodians is the issuer of ANZ Smart Choice Super but is not a Bank. Except as set out in the relevant Product Disclosure Statement (PDS), this product is not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuer or the capital or performance of any investment. Such investment is subject to investment risk, including possible repayment delays and loss of income and principal invested. Returns can go up and down. Past performance is not indicative of future performance.

ANZ Smart Choice Super and Pension received a Gold rating in SuperRatings’ 2019 product rating in both the Super and Pension categories. ANZ Smart Choice Super for employers and their employees received a Gold rating in SuperRatings’ 2019 MySuper product rating. SuperRatings does not issue, sell, guarantee or underwrite these products. Go to www.superratings.com.au for details of its ratings criteria.

This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. Before acting on this information you should consider whether the information is appropriate for you having regard to your objectives, financial circumstances or objectives. ANZ recommends that you read the ANZ Financial Services Guide, the relevant Product Disclosure Statement, product and other updates which are available by calling Customer Services on 13 12 87, or visiting our website here or here (for employer members), and consider whether the product is right for you before making a decision to acquire or to continue to hold the product. 

Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice. The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail. 

Before re-directing your super or moving your money into ANZ Smart Choice Super, you will need to consider whether there are any adverse consequences for you, including exit fees, other loss of benefits (e.g. insurance cover), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid.

ANZ does not represent or guarantee that access to ANZ Internet Banking or the ANZ App will be uninterrupted. Temporary service disruptions may occur. ANZ recommends that you read the ANZ App Terms and Conditions available at anz.com and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App. The ANZ App is provided by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Super, Shares and Insurance (if available) are not provided by ANZ but entities which are not banks. ANZ does not guarantee them.

In addition to their salary, ANZ staff members may receive monetary or non-monetary benefits depending on the product they are selling or providing advice on. You may request further information from ANZ. Other key features including insurance, available investment options and performance, exit fees and functionality are relevant when choosing a super fund. 

This information may be subject to change. Updated information will be available free of charge by calling Customer Services on 13 12 87.

   

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