Did you know that you can bring your existing death, total and permanent disablement (TPD), and income protection cover to Aware Super? This can help simplify your insurance management and keep you protected from those unexpected life events.
Why should I transfer my insurance to Aware Super?
Transferring your insurance to Aware Super can make managing your cover easy, because it’s all in the one spot with your super account. It can also help reduce the fees you pay, and insurance through super is often more cost-effective than standalone policies.
If you’re unsure if you have insurance with your super fund, it’s a smart idea to check your account details or annual statement. You can also chat with your fund to confirm your cover before transferring your insurance to Aware Super.
How much insurance can I transfer to Aware Super?
Each type of insurance has maximum transfer limits:
| Cover type | Maximum amount |
|---|---|
| Death cover | Up to $10 million (only $5 million for terminal illness) |
| Total and permanent disablement (TPD) | Up to $5 million (cannot exceed death cover amount) |
| Income protection | Up to $40,000 per month |
Check out the Insurance Handbook for more information before transferring your cover.
Your eligibility checklist
You need to meet our eligibility criteria before transferring your insurance across. This criteria includes:
- You must be aged 15-69 for death and TPD cover, or 15-64 for income protection cover.
- You must be employed or self-employed.
- Your existing insurance must be active at the time of transfer. Once we confirm your cover has started with us, you must cancel the old cover.
- You’ve not had any applications for insurance cover denied.
- You’ve answered questions about your health, lifestyle, and work in the application as best as you can.
Make sure to read through the insurance handbook Insurance Handbook for full eligibility details.
What should I consider before transferring my insurance?
Before transferring your cover, here are some things to keep in mind.
During the application process:
- Our insurer will review your application and decide whether to accept the transfer. If they accept it, any restrictions, exclusions or loadings you have on your old cover will continue in Aware Super.
- Don't cancel your old insurance until we confirm the transfer is accepted and provide a start date for your new cover.
- After transferring your insurance, your new cover will follow our terms, conditions, and fees. It's a good idea to check out our insurance handbook for detailed info.
How transferred cover works:
- Every insurance policy is different, with varying terms, exclusions, benefit periods, waiting periods, and loadings.
- Transferred cover follows our terms, conditions and fees, which might be different from your current policy.
- Death and TPD cover will be transferred as additional fixed cover amounts, added to any existing cover you already have and cannot exceed our Maximum Cover Limits.
- Any income protection cover you transfer will replace your current level of cover rather than adding to it.
- Your premiums might change when you transfer because of our fee structure.
How do I transfer my cover?
Follow these simple steps to transfer your insurance to your Aware Super account:
- Log in to Member Online and head to 'Insurance'
- Answer some questions about your lifestyle, employment, and health
- Provide evidence of your current cover
- Our insurer will review all the information you shared and make the final call
- We'll let you know the outcome of your application.
If your application is approved, your transferred cover will start on the date specified.
Need some help with your application? Give us a call and we can support you through the process.
When you change super funds, your current insurance might stop unless you transfer it. Transferring your cover means you can keep your existing protection.
The transfer times will depend on the insurer’s assessment, including reviews of your health, lifestyle and employment.
Your insurance premiums may change after transferring because Aware Super’s terms, conditions and fees will apply to your transferred cover. Double check the costs before going ahead with the transfer.
Where to next?
[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.
[IN1] Insurance described on this webpage 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 webpage 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.