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Parental leave insurance premium waiver
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What is the parental leave premium waiver?

Insurance should be super simple and super helpful. You may be able to have your insurance premiums waived when you are due to start or have started employer-approved parental leave.

If you’re eligible, this means you can have premium-free insurance cover for 12 continuous months.

Once approved to commence, the insurance premium waiver will be applied to your existing insurance cover held at the time of your application in your nominated Future Saver account.

You can increase or decrease your existing insurance cover, and the premium waiver will still apply however any new type of insurance cover that’s added to your nominated Future Saver account will be excluded from the premium waiver.

Eligibility for a parental leave premium waiver

To be eligible for the parental leave insurance premium waiver you need to meet a few criteria, such as:

  1. Have current insurance cover with Aware Super
  2. Have been an Aware Super member for 12 continuous months
  3. Are employed and have employer approved parental leave, that has not ended (excludes self-employed members)
  4. Have not already commenced any insurance premium waiver in the nominated Future Saver account during the last 12 months
  5. Have not received two parental leave insurance premium waivers previously.

You can find the full criteria in the relevant Insurance Handbook.

How to apply

  1. Log in to your Member Online
  2. Go to the Insurance tab
  3. Select Insurance premium waiver
  4. Answer a few questions about your parental leave, including whether your employer has approved your leave. This is so we can verify that you’re eligible to have your insurance premiums waived.

If you need help to fill out the form, contact us. When a decision has been made, we’ll let you know the outcome of your application via email.

When does the waiver start and end?

We’ll start waiving your insurance premiums from the date we receive and approve your application. Your insurance premium waiver will end:

  • 12 continuous months from the date we receive and approve your application, or
  • When all the insurance cover that the premium waiver was applied to is cancelled or ceases, or
  • When the account that the premium waiver is applied to reaches a zero-dollar balance, or
  • If you exit the fund.
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Things to consider

There are some important things to remember while you have an insurance premium waiver applied to your nominated Future Saver account:

  • Account inactivity: Your Future Saver account becomes inactive when it stops receiving any contributions or rollovers. This can be quite normal, especially if you are on parental leave. However, if your account remains inactive for a continuous period of 16 months, the law requires us to cancel your insurance - unless you ask us to keep it or if you make a contribution. To maintain your insurance at any time you can complete a "Keep your cover" election online by logging into your Member Online account.

  • Recommencement of premium deductions: When your insurance premium waiver ends, the deduction of applicable insurance premiums from your nominated Future Saver account will recommence. If there aren’t enough funds in your account, your insurance cover will cease. Therefore, it’s important to make sure you have sufficient funds in your account once your premium waiver finishes so that you don’t lose your insurance cover.

FAQ

Insurance premiums will be waived for any amount of death, total and permanent disablement and/or income protection cover held at the time of application, in the nominated Future Saver account.

However, the monthly insurance administration fee is excluded from the insurance premium waiver and will continue to be deducted from your Future Saver account.

No, the insurance premium waiver can only be applied to one Future Saver account at any one time.

During the insurance premium waiver period, if you change your amount of insurance for the types of cover you held at the time of application, all your insurance premiums will continue to be waived for the remainder of the waiver period.

However, if you are granted a new type of cover during the waiver period, that you didn’t hold at the time of application, premiums for the new cover type will not be waived and will be deducted from your nominated Future Saver account.

No - the insurance premium waiver can’t be backdated, so you won’t be able to apply for the parental leave insurance premium waiver if your parental leaves has already ended.

Yes - during the insurance premium waiver period, your insurance cover is still there if you need it. To start a claim process, you can make a claim online or contact us.

Yes - it doesn’t matter how long your parental leave has been approved for, as long as your employer parental leave hasn’t ended you may still be eligible for apply for the parental leave insurance premium waiver.

Insurance premiums may only be waived for a maximum of 12 continuous months from the date your application is received and approved, regardless of your expected parental leave end date.

Where to next? 

Health and wellbeing support
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Insurance cover options
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[IN1] Insurance described in this communication is provided under group life insurance and group income protection policies issued by TAL Life Limited, ABN 70 050 109 450, AFSL 237848 (‘the insurer’, or ‘TAL’). This communication is intended to be a guide to the insurance available through Aware Super under the policies, however, all insurance is subject to the precise terms of those policies which will prevail to the extent of any inconsistency. Insurance cover is subject to the terms and conditions outlined in the applicable policy. For more information refer to the relevant Product Disclosure Statement (PDS) and Insurance Handbook.