Being protected is important. For Australian residents with an account balance $6000 or more and/or aged over 25, we’re offering Automatic Insurance cover which includes pre-approved Death and Total and Permanent Disablement (TPD) Insurance. Your cover and related premium will be based on your age.
You can choose to have cover before you reach these thresholds. Eligibility conditions may apply. More information on your options is available by visiting virginmoney.com.au/super-insurance.
Need more insurance?
No problem, Virgin Money Super offers a range of insurance options that you can tailor to suit your needs. Eligible Virgin Money Super customers can apply for Tailored Insurance cover to top up their Life Insurance cover and/or add Income Protection, by completing the Tailored Insurance Application Form.
Please note that you may also be required to provide additional health related details to our insurance provider OnePath.
If you have insurance cover, your total benefit, including the insured amount, may be shown above. Note that depending on your benefit design, not all insurance options can be displayed.
If the Dashboard states "Not Available" in any of the columns, this indicates there is likely a technical reason currently preventing us from displaying your information online. Please contact our helpline team for assistance in this instance.
Please refer to the Product Disclosure Statement and Insurance Guide for specific information about your cover. And don't hesitate to contact us if you have any questions or would like more information.
Important information about your insured amount
Your insured amount can be influenced by many factors, such as the design of your plan, whether you elect to take out insurance and the level of cover provided by the insurer.
In relation to the design of your plan, the insured amount is calculated based on the insurance option shown above. If you have not elected, or are not eligible to select an option, then your insured amount may be restricted to $0.00.
There may be various circumstances where the insurer requires that the insured amount you receive out of any super payout, in the event of your death or disablement while a customer of the plan, be varied. These include, but are not limited to:
- The insurer may decline or apply an exclusion or restriction to your insurance amount. This means the insurance amount may not be paid or may be limited in some circumstances.
- The insurer may ask you to supply evidence of your health before your required level of insurance cover is provided. Until such time that the insurer has received and assessed this evidence, your insured benefit(s) will be restricted to $0.00 or the amount(s) advised previously.
- Your age or employment status or number of average hours worked per week precludes you from any entitlement to disablement cover.
The insured amount indicated above is inclusive of any additional voluntary insurance or voluntary insurance amount you have (as applicable).
If you believe that your insured amount may be subject to any of the circumstances above, please refer to previous correspondence for full details.
Protecting Your Superannuation (PYS) package changes means we can no longer provide you with insurance through super if your account has been inactive for 16 months or more and you haven’t opted-in to keep your insurance with us. Your account is considered inactive if you have not received any contributions or rollovers-in for 16 months.
If you have been inactive we will contact you and provide you details of how you can opt-in to continue your cover.
If you do not opt-in we will turn your cover off at the date you become 16 months inactive. Please note, if you have reached 16 months and your insurance is still active on the website this may be because:
- You have become active – we have received a contribution or rollover-in, or
- We may still be processing the cancellation on the system and you will receive a letter shortly
Under the Putting Members' Interests First legislation (PMIF) the government has introduced new rules to help young people and those with low account balances by removing insurance cover which can erode or prevent your super balance from growing. From 1 April 2020 Virgin Money Super is not, by law, able to automatically provide insurance cover to anyone under the age of 25 or with a balance less than $6,000. If you would like insurance sooner, simply click on the ‘Insurance’ on the Dashboard to opt in for insurance online.
This legislation is in addition to the PYS legislation introduced by the government on 1 July 2019.
IMPORTANT INFORMATION ABOUT YOUR TOTAL BENEFIT AMOUNT
The estimate of your total benefit provided on this website does not describe all of the conditions affecting the amount and its availability. Your total benefit is determined in accordance with the Trust Deed, Trustee determinations, Government regulations and the benefit design of the plan. The estimate should therefore be read in conjunction with the Product Disclosure Statement or any other member materials you have received from the Trustee.
The estimate does not guarantee that you will receive a particular benefit and is based on information available to the Trustee at the time this calculation has been processed. The unit prices used when paying your benefit will be those available at the time your benefit is processed by the Administrator. If you have requested an investment switch which has not been processed or have a surcharge assessment that is not yet effective, this will affect the benefit displayed here.
While all reasonable efforts have been made to ensure the information contained in this estimate is correct, the Trustee reserves the right to correct any error or omission. You should not enter any commitments based solely on the information contained in this estimate.
If any of your personal details are incorrect, the total benefit estimate may be affected. If you have any queries concerning your estimate or further information about your benefit, please contact us.
If you are electing to increase your cover for Death, TPD, or Income Protection, you must also complete the Tailored Insurance Application Form, print and sign it and mail it to the nominated address.
About the insurer
Virgin Money Super's insurer is OnePath Life Limited ABN 33 009 657 176 AFSL 238341 (OnePath Life). To understand what insurance cover is all about, be sure to read the current Virgin Money Super Product Disclosure Statement, Product Guide and Insurance Guide or by contacting our Customer Care Team on 1300 652 770.
Virgin Money and Mercer Superannuation (Australia) Limited (MSAL) are committed to ensuring the privacy and security of personal information you provide to us. If you receive a suspicious email or one requesting information such as your account, log in details, do not open any attachments and report it to our Customer Care team on 1300 652 770. You can learn more about online security at virginmoney.com.au/help/online-security.
Australian Residents over the age of 25 and/or with a balance of $6,000 or more, or have opted in to insurance, are offered Automatic Insurance cover which includes pre-approved Death and Total and Permanent Disablement (TPD) Insurance based on their age.
For more details on how your cover and premium is calculated please refer to Section 3 of our Insurance Guide
Automatic Insurance cover is subject to a Pre-Existing Conditions exclusion. This means that, you won't be covered for any illness, injury, condition or related symptom that you were aware of or should have been aware of, or had a medical consultation for, were planning to have a medical consultation for, or should have had a medical consultation for in the two years prior to cover commencement.
Opting out of Automatic Insurance
You can update your Automatic Insurance preferences at any time from the Manage Insurance page, if you don't think you need it. Alternatively you can call our Customer Care Team on 1300 652 770.
Tailoring Your Insurance Cover
Being protected is important, that's why with Virgin Money Super we offer a range of insurance benefits.
Through Virgin Money Super, Tailored Insurance cover allows you to choose and apply for the type and level of cover you're after:
- ·Death only or Death and Total & Permanent Disablement Cover and/or;
- Income Protection cover
This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. Please consider your own personal financial circumstances and consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before taking any action in relation to your superannuation, making a contribution, or asking your employer to contribute to Virgin Money Super for you. You should consider the suitability of superannuation and Virgin Money Super’s Product Disclosure Statement before making a decision on your superannuation investments, making a contribution, or asking your employer to contribute to Virgin Money Super for you. For further information about the insurance options refer to the Insurance Guide. These guides are available at virginmoney.com.au/superannuation
Virgin Money Super is promoted by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395, AFSL 286869 (Virgin Money). Virgin Money Super is a plan in the Mercer Super Trust ABN 19 905 422 981. Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 the trustee of the Mercer Super Trust ABN 19 905 422 981.
For more information about Virgin Money Super, please refer to the Product Disclosure Statement and Financial Services Guide which is available free of charge on our website or by calling the Customer Care team on 1300 652 770.
Virgin Money and MSAL are committed to ensuring the privacy and security of personal information you provide to us. If you receive a suspicious email or one requesting information such as your account, log in details, do not open any attachments and report it to our Customer Care team on 1300 652 770. You can learn more about online security at virginmoney.com.au/help/online-security.