Super fund overhauls group insurance cover

A $72 billion superannuation fund is introducing a number of changes to its group insurance policies, as well as its products and investment options in line with the Protecting Your Super reforms.

QSuper is making changes to income protection waiting periods and benefit periods from July 1 will affect some members depending if they have personalised their cover.

Members who have income protection cover will see their waiting period of accrued sick leave plus 14 days stretch to 90 days or accrued sick leave (whichever is greater).

For members that have personalised income protection cover, the waiting period will move from accrued sick leave plus 14 days to 30 days or accrued sick leave (whichever is greater).

Benefit periods for all income protection will change from three years to two years.

Members in defined benefit, state or police accounts will also be affected by the changes if they leave their jobs. Queensland Government employees for example, will have the greater of 90 days or sick leave for income protection waiting periods, as opposed to the previous 14 days. Benefit periods will also drop from three years to two years.

The super fund, which is now open to the public, also announced it will not directly invest in companies involved in manufacturing cluster bombs and landmines from July 1.

With the exception of QSuper Self Invest, the ESG criteria applies to its entire listed equities portfolio across the lifetime, moderate, balanced, aggressive, Australian shares and international shares options.

Additionally, QSuper is dropping the eligible minimum age members can join the fund from 18 to 14.

Applicants aged 14 and over can join QSuper online without a parent or guardian's signature.

This story was updated on June 14.

Read more: QSuperSuperannuation
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