Insurance in Superannuation Voluntary Code of Practice

In 2017, Rest signed the Insurance in Super Working Group (ISWG) Voluntary Code of Practice (the Code), showing our commitment to making insurance in super easier to understand and simpler to manage.

What is the Code?

The Code was drafted by the industry to set a benchmark that funds can aspire to for higher standards when providing insurance cover to members. Since the drafting of the code in 2017, the industry has transformed for the better, in the best interests of members, with key legislation such as Protecting Your Super (PYS) and Putting Members' Interests First (PMIF) helping members to maintain and grow their retirement savings by having a more active say in their insurance cover. Given these changes, the code is no longer required, but instead, the industry will work specifically towards better handling of claims, and more protection and assistance for members who need it most.


What does this mean for you?

Despite there no longer being a code, you can expect us to continue our work to improve Rest’s insurance offering and the way it is delivered to you and to put our members first in all of the decision we make.
Income protection

Providing you access to appropriate and affordable insurance cover

We’ll design our insurance offerings to be flexible and value for money.


Giving you greater certainty of your cover

We’ll be clear about what cover you have, when it’ll automatically stop and how to reinstate it if you’d like to.


Taking insurance out of the ‘too-hard-basket’

We’ll provide straightforward information to help you understand your insurance so you can make informed decisions. We’ll also provide special support for members who may need it.

What we’ll do

Here are some of the key points we continue to focus on, and how they’ll benefit you.


Providing you access to appropriate insurance cover

When we design our automatic insurance cover (for our members who receive insurance by default, without asking) we’ll assess their likely insurance needs based on a range of factors such as life-stage, demographics, work status, and the ability to be insured elsewhere.

Providing you access to affordable insurance cover

We’ll design cover that is affordable and does not inappropriately erode your super balance. We’ll be transparent in how we’ve determined an affordable level of cover.

Giving you greater certainty of cover

We currently cancel your insurance cover if we haven’t received any money in your account for 13 continuous months and you haven’t told us you want to keep it.

We’ll write to you before your insurance cover is cancelled and let you know how you can keep your cover if you still need it.

If your insurance is cancelled because there isn’t enough money in your account, we’ll make it easy to restart your account if you still want the cover, you’ll just need to let us know you want to keep it and have enough money in the account within 60 days to cover premiums and fees.

Taking insurance out of the ‘too-hard basket’

We know that everyone has different needs and we’ll be proactive in recognising and providing support to those members who might need some extra help. This may include people from non-English speaking backgrounds, those with disabilities, and any other instances you may need us – we’re here to help.

We’ve already pinpointed opportunities for improving the way we handle claims and the support we offer to our members. This includes the continual improvement of technology, processes and communication so that the entire claims process will be a better one.

In addition, we've published our Insurance Strategy on our website. This outlines some of the principles we considered when designing our automatic insurance cover and will help you decide whether automatic insurance cover is right for you.

And we’ve published Key Facts Sheets for Rest Super and Rest Corporate allowing you to easily compare the key features of our automatic insurance cover offerings against others in the market.