Automatic insurance cover6

Being protected is important, that’s why Virgin Money Super provides automatic Death and Total and Permanent Disablement (TPD) cover to Aussie residents aged 15-64.

You can choose to hold Death Only Automatic Insurance by removing the TPD component from your automatic insurance cover.

  • Death (including Terminal Illness) and Total & Permanent Disablement (TPD) cover

    Our Automatic Insurance cover provides:

    1. Death cover (including Terminal Illness cover), where your dependants receive a lump sum payment upon your death or where you may receive a lump sum payment if you become Terminally Ill.
    2. TPD cover, where you will receive a lump sum payment if you suffer TPD provided you have not lodged and do not intend to lodge a claim for a Terminal Illness benefit.

    Choose your age range from the drop-down list below to see the cover provided and associated weekly premium.

    Age next birthday Cover provided Weekly premium
    16-20 years old $90,400 $0.86
    Age next birthday Cover provided Weekly premium
    21-25 years old $162,600 $1.72
    Age next birthday Cover provided Weekly premium
    26-30 years old $243,000 $2.58
    Age next birthday Cover provided Weekly premium
    31-40 years old $270,400 $3.44
    Age next birthday Cover provided Weekly premium
    41-45 years old $176,000 $4.30
    Age next birthday Cover provided Weekly premium
    46-50 years old $67,600 $3.44
    Age next birthday Cover provided Weekly premium
    51-55 years old $34,200 $2.58
    Age next birthday Cover provided Weekly premium
    56-60 years old $15,600 $2.58
    Age next birthday Cover provided Weekly premium
    61-65 years old $14,100 $2.58
  • Death (including Terminal Illness) cover

    You can choose to hold Death Only Automatic Insurance by removing the TPD component from your automatic insurance cover. Death cover (including Terminal Illness cover), provides a lump sum payment upon death or if you become Terminally Ill.

    Choose your age range from the drop-down list below to see the cover provided and associated weekly premium.

    Age next birthday Cover provided Weekly premium
    16-20 years old $90,400 $0.52
    Age next birthday Cover provided Weekly premium
    21-25 years old $162,600 $1.04
    Age next birthday Cover provided Weekly premium
    26-30 years old $243,000 $1.56
    Age next birthday Cover provided Weekly premium
    31-40 years old $270,400 $2.08
    Age next birthday Cover provided Weekly premium
    41-45 years old $176,000 $2.60
    Age next birthday Cover provided Weekly premium
    46-50 years old $67,600 $2.08
    Age next birthday Cover provided Weekly premium
    51-55 years old $34,200 $1.56
    Age next birthday Cover provided Weekly premium
    56-60 years old $15,600 $1.56
    Age next birthday Cover provided Weekly premium
    61-65 years old $14,100 $1.56
  • How are my fees calculated?

    The cost of insurance is made up of two elements:

    1. A flat fee of $1.50 per month (retained by the fund to cover the cost of providing insurance to members) and 
    2. A monthly premium payable to the Insurer. The monthly premium is based on the type of cover, number of units and your age.

    For more info, see the examples below or refer to our Insurance Guide.

    Age next birthday Type of automatic insurance cover6 Annual premium
    A
    Annual cost recovery fee
    B
    Annual insurance fee
    A+B
    30 years old Death and TPD ($2.58/week x 52) = $134.16 $1.5 x 12 = $18.00 $152.16
    40 years old Death and TPD ($3.44/week x 52) = $178.88 $1.5 x 12 = $18.00 $196.88
    30 years old Death only ($1.56/week x 52) = $81.12 $1.5 x 12 = $18.00 $99.12
    40 years old Death only ($2.08/week x 52) = $108.16 $1.5 x 12 = $18.00 $126.16
  • Automatic Cancellation of Insurance

    In accordance with the Protecting Your Super legislation any insurance cover you have will be cancelled if we have not received any contributions and/or rollovers to your super account for a continuous period of 16 months and you have not elected to maintain your insurance cover.

    Where this occurs the cost of all insurance cover will stop being deducted from your super account balance.

    The cancellation of insurance cover is aimed at reducing the erosion of super account balances by insurance premiums for unwanted cover. If you wish to elect to maintain your insurance cover, call the Customer Care team on 1300 652 770 to request the relevant form.

Choose your own level of insurance

Need more insurance? No problem! Virgin Money Super offers Tailored Insurance so you can apply for cover which is specific to your personal needs.

Use the drop-down below to learn more about the types of Tailored Insurance cover options available.

Death cover (including Terminal Illness)

Provides a lump sum cash payment when you die or you’re diagnosed with a terminal illness, meaning you’ll die within 12 months. We recommend if you haven’t done so already, that you inform us of your nomination beneficiaries for your super fund.

Age and employment eligibility Maximum cover
If you're aged from 15 to 64 (inclusive) $5,000,000 lump sum
Total and Permanent Disablement (TPD) cover

Provides a lump sum cash payment if you’re permanently unable to work due to illness or injury. It’s important to know that you can only take up TPD with death cover (i.e. not on a standalone basis).

Age and employment eligibility Maximum cover
If you’re aged from 15 to 64 (inclusive) and working either full time or at least 15 hours per week part time $2,000,000 lump sum (provided you do not intend to lodge a claim for terminal illness benefit)
Income Protection (IP) cover

If you’re unable to work after a 90-day period due to temporary illness or injury, income protection insurance pays up to 75% of your salary, in monthly benefits.

Age and employment eligibility Maximum cover
If you’re aged from 15 to 64 (inclusive) and working either full time or at least 15 hours per week part time $30,000 per month or 75% of monthly salary (whichever is the lesser amount)
  • Important information

    It is important to note tailored insurance cover is subject to acceptance by the Insurer, OnePath Life Limited, and to the terms and conditions of the insurance policies issued by the insurer to the Trustee. Eligible Virgin Money Super members can apply for tailored insurance cover and/or add income protection, by completing the tailored insurance application form.

    If you’re an existing customer and hold Tailored Death only or Tailored Death and Total and Permanent Disability cover, you can apply to increase your cover by up to 25% to a maximum of $250,000 once in any 12 month period for any one specific life event without being underwritten. Specific life events include:

    • Marriage
    • Divorce
    • Your child starting secondary school
    • Taking a mortgage
    • Having a child
    • Completing an apprenticeship

    You can increase your cover to a maximum of 3 times under the life events cover. Please refer to the Insurance Guide for full details and conditions.

  • Automatic Cancellation of Insurance

    In accordance with the Protecting Your Super legislation any insurance cover you have will be cancelled if we have not received any contributions and/or rollovers to your super account for a continuous period of 16 months and you have not elected to maintain your insurance cover.

    Where this occurs the cost of all insurance cover will stop being deducted from your super account balance.

    The cancellation of insurance cover is aimed at reducing the erosion of super account balances by insurance premiums for unwanted cover. If you wish to elect to maintain your insurance cover, call the Customer Care team on 1300 652 770 to request the relevant form.

Manage your insurance

You can manage your insurance easily through your online account. You will also find the option to opt out of automatic insurance cover6 or apply for Tailored Insurance by selecting documents in the menu.

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Want help choosing the insurance that's right for you?

If you need help working out which insurance is right for you, our helpline advice service can help you with your decisions.

You can also check out the Product Disclosure Statement and insurance guide. They contain useful details like:

  • How to make a claim
  • How to figure out costs
  • When and for how long you’re covered
  • Specifics like underwriting

To find out more about the type of insurance we offer through your Super call our Customer Care team between 8am and 6pm AEST, weekdays.

Call us on 1300 652 770.