Important changes to insurance

After listening to our members, we’ve updated our insurance offer:

• We’re changing our insurer to the award-winning* TAL Life Limited (TAL) on 1 December 2019, with no change to your current insurance through to 31 March 2020.
  
  
• We’ll update our insurance offer from 1 April 2020. We’ve looked for ways to give some members options to pay less in insurance costs by reducing some benefits, while still ensuring our members have access to cover when they need it.
  
  
• Also, the Government’s Putting Members’ Interests First legislation comes into effect 1 April. For members whose super balance has not been $6,000 or more, on or after 1 November 2019, we're cancelling insurance on 1 April unless the member chooses to keep it. This change is designed to prevent low balances from being inappropriately eroded by insurance costs.

We’ve changed our default income protection benefit period from up to age 60, to a new default benefit period of up to 5 years. While this generally reduces the amount of cover you could receive, the good news for most members, is it also reduces the overall cost of their cover. Other highlights include:

• For existing members, we’ve added a range of new waiting and benefit periods for Income Protection (IP) cover - so you can tailor your cover so it’s right for you. A benefit period is the amount of time you could potentially receive a payment for each individual claim. Shorter benefit periods usually result in lower premiums, as you’d receive benefits for a shorter period of time.
• Cover that’s right for your age - all cover types will now be available for people between 18 and 70 years of age.
• New life event cover - meaning you can increase your cover within certain limits without a health check at major life events, like getting married or having a baby (conditions apply).
• You can now transfer any existing Death, Total and Permanent Disablement (TPD) and IP cover you have into Rest - even if it’s not with a super fund (subject to certain conditions).
• A simplified definition of TPD that removes specific hours worked and time period requirements.
• A simpler underwriting process if you’d like to increase your insurance up to a certain amount.
• Any IP benefit paid is now less likely to be reduced by government benefits (such as Centrelink).
• Reinstatement of your insurance when you reach age 25 will no longer occur.
• Your cover will stop if there’s been no contribution to your account for 13 months - unless you tell us you want to keep it.

For details of changes to the terms and conditions view the Rest Super or Rest Corporate key insurance changes table, or the relevant product disclosure statement and insurance guide below.