Protect Your Future with VicSuper Insurance: Comprehensive Coverage for Peace of Mind

Are you looking for a reliable and trustworthy insurance provider in Australia? Look no further than VicSuper Insurance. VicSuper is a leading provider of insurance products, including life insurance, total and permanent disability insurance, and income protection insurance. With a commitment to providing affordable and flexible insurance solutions, VicSuper can help protect you and your loved ones against unexpected events. In this article, we will explore the benefits of choosing VicSuper Insurance and why it is a smart choice for your insurance needs.

VicSuper: Is The Super Fund Still Active?

VicSuper is a superannuation fund that was originally established in 1994 for Victorian public sector employees and their spouses. Over time, the fund has expanded to include other industries and individuals.

History of VicSuper

VicSuper was created by the Victorian Government as a defined benefit fund, meaning that members were promised a set amount of retirement income based on their salary and years of service. In 2013, the fund transitioned to a hybrid model that combines elements of defined benefit and defined contribution plans.

Today, VicSuper is one of Australia’s largest superannuation funds, managing over $23 billion in assets for more than 240,000 members. The fund offers a range of investment options, including pre-mixed and sector-specific options.

VicSuper Insurance

VicSuper offers a range of insurance options designed to protect members and their families in the event of illness, injury, or death. These options include:

• Death and Total & Permanent Disablement (TPD) Insurance – Provides a lump sum payment in the event of death or TPD
• Income Protection Insurance – Provides a monthly payment of up to 85% of salary if the member is unable to work due to illness or injury
• Insurance for Spouses and Children – Provides a lump sum payment in the event of the death or TPD of a member’s spouse or child

It’s important to note that insurance is not automatically included with VicSuper membership – members must actively opt-in to receive insurance coverage.

Is VicSuper still active?

Yes, VicSuper is still an active superannuation fund. However, in 2020, the fund announced that it would be merging with First State Super to create a new entity known as ‘Aware Super’.

The merger is expected to be completed by mid-2021, and will create one of Australia’s largest superannuation funds with more than $120 billion in assets under management.

Despite the merger, VicSuper members will continue to have access to the same investment options and insurance coverage as before.

VicSuper Merger: Who Are the New Partners?

Recently, VicSuper announced a merger with First State Super to form a new superannuation fund with more than 1.1 million members and over $120 billion in funds under management. This merger will create one of Australia’s biggest superannuation funds, with significant benefits for members of both funds. In this article, we will explore the details of this merger.

New Partners of VicSuper Merger

The new partners of the VicSuper merger are First State Super and VicSuper itself. First State Super is a Sydney-based fund that has been providing superannuation services to Australians for over 25 years. They have over $90 billion in funds under management and approximately 800,000 members.

VicSuper, on the other hand, is a Melbourne-based fund that has been providing superannuation services for almost 30 years. They have over $20 billion in funds under management and approximately 240,000 members.

Benefits of the Merger

The new fund, which is yet to be named, will have significant benefits for members of both funds. Some of the benefits include:

• Increased scale: The new fund will have more than $120 billion in funds under management, making it one of the largest superannuation funds in Australia. This increased scale will provide greater efficiencies and cost savings, which should ultimately benefit members.
• Greater investment opportunities: With a larger pool of funds under management, the new fund will be able to access a wider range of investment opportunities, which should help to improve investment returns for members.
• Enhanced member services: The new fund will be able to offer a wider range of member services, including financial advice, education, and support.
• Stronger governance: The new fund will have a strong governance structure, with a board comprised of directors from both funds. This should help to ensure that the fund is managed in the best interests of members.

What Happens Next?

The merger is subject to regulatory approval, and it is expected to be completed by the end of 2020. Once the merger is complete, members of both funds will become members of the new fund. Members will be kept informed throughout the merger process, and any changes to their accounts or services will be communicated in advance.

Members of both funds should benefit from increased scale, greater investment opportunities, enhanced member services, and stronger governance.

Your Ultimate Guide to Contacting VicSuper: A Step-by-Step Approach

If you are a member of VicSuper, it is essential to know how to contact them when you need help or have questions about your insurance policy. Here is a step-by-step guide to contacting VicSuper:

Step 1: Determine Your Reason for Contacting VicSuper

Before you contact VicSuper, you should determine the reason for your inquiry. This step will help you to decide which department of VicSuper you need to contact. You may need to contact VicSuper for any of the following reasons:

• Enrolling in a new insurance policy
• Updating your personal information
• Submitting a claim
• Checking your account balance
• Asking general questions about your policy

Step 2: Find the Best Way to Contact VicSuper

Once you have determined the reason for your inquiry, you need to decide the best way to contact VicSuper. VicSuper offers several contact methods:

• Phone: You can call VicSuper’s customer service center at 1300 366 216.
• Email: You can send an email to VicSuper’s customer service team at info@vicsuper.com.au.
• Online: You can access your account and submit inquiries through VicSuper’s online portal.
• Mail: You can send physical mail to VicSuper at their mailing address: GPO Box 1692, Melbourne VIC 3001.

Step 3: Contact VicSuper

Now that you have determined the reason for your inquiry and the best way to contact VicSuper, it is time to reach out to them. When contacting VicSuper, make sure that you:

• Provide your full name and member number if you have one
• State the reason for your inquiry clearly
• Provide any necessary information, such as policy numbers or claim details
• Ask any questions you have about your policy or the claims process

By following these steps, you can ensure that you are able to contact VicSuper quickly and efficiently. Remember that VicSuper is there to help you with any questions or concerns you may have about your insurance policy, so don’t hesitate to reach out if you need assistance.

Exploring VicSuper: Eligibility and Membership Requirements

VicSuper is an industry super fund that offers a range of superannuation products to its members. One of the products it offers is insurance, which provides financial protection in the event of unexpected events such as death or disability. To be eligible for VicSuper insurance, you must meet certain requirements.

Eligibility Requirements

To be eligible for VicSuper insurance, you must:

• Be a member of VicSuper
• Be aged between 15 and 69 years old
• Be an Australian resident

If you meet these eligibility requirements, you can apply for VicSuper insurance.

Membership Requirements

To become a member of VicSuper, you must:

• Be an employee of a participating employer
• Be a spouse or de facto partner of a current VicSuper member
• Be a former employee of a participating employer
• Be a self-employed person or contractor who is eligible to make super contributions

If you meet any of these membership requirements, you can apply to become a member of VicSuper and enjoy the benefits of its superannuation products and insurance offerings.

It’s important to note that not all employers participate in VicSuper, so it’s worth checking with your employer to see if they offer VicSuper as a superannuation option. Additionally, there may be waiting periods before you can access certain insurance benefits, so it’s important to check the terms and conditions of your policy.

Overall, VicSuper offers a range of superannuation and insurance products to eligible members. If you meet the eligibility and membership requirements, it’s worth considering whether VicSuper is the right superannuation fund for you.

In conclusion, if you are considering Vicsuper insurance, it is important to carefully review the policy details and understand what is covered and what is not. Take the time to compare it with other insurance options and make an informed decision that best fits your individual needs and budget. Remember, insurance is not just a safety net, but also an investment in your future. Thank you for reading and I wish you the best of luck in finding the right insurance coverage for you and your loved ones.