Insuring yourself, from the unknown
How secure would you, and your loved ones, be if life changed? You have the option to add on a life and income protection insurance bundle, depending on the account plan you choose, with premiums paid from your unlocked mysuper account. Benefit from automatic acceptance of pre-existing conditions (no fitness or medical tests), if added within 90-days of joining ACC and your salary is less than $150,000 (for life cover) and $192,000 (for income protection cover). Other automatic acceptance conditions may apply.
Provided by Resolution Life Australasia Limited (formerly AMP), this is for mysuper members only.
Life insurance
Your loved ones would receive a lump sum cash payment of three times your annual insured salary (up to $450,000, unless accepted for a higher amount) to help cover debts and expenses if you’re not around (see rules below).
Income protection
If you suffer from a covered sickness or injury that prevents you from working (and your claim is accepted), you would receive a monthly benefit of 50% of your annual insured salary (up to $8,000) until you’re back on your feet (see rules below).
Terms and conditions
Information on this page is a summary only and other terms and conditions and exclusions apply. Your insured salary may differ from your annual remuneration. Any payment is subject to your claim being accepted by the insurer under the insurance policies that fund the benefits. Further information is available in the ‘Optional Life and Income Protection Insured Benefit’ document at mysuper.co.nz/knowledge/disclosure-documents-and-publications
Automatic Acceptance
Benefit from automatic acceptance (including for any pre-existing conditions) if you apply for the mysuper insurance bundle within 90 days of joining ACC (and you are at work on the day you apply for cover or absent for reasons other than illness or injury) and your salary is below $150,000 (for life cover) and $192,000 (for income protection cover). Other automatic acceptance conditions may apply.
Outside the first 90-days
If you apply outside the first 90-days of joining ACC you can still add on the insurance bundle, but you will be subject to acceptance by the insurer after you complete a full application form (including medical information). Unless you have any underlying health issues this should not affect your premium. If there is an issue it may be that the premium is increased, or cover is declined, deferred or accepted with conditions.
Unlocked contributions
Premiums can only be deducted from unlocked contributions so if you have chosen the Locked plan you cannot add on our insurance cover. The KiwiSaver Act 2006 does not permit payment of insurance premiums out of locked contributions. You must maintain a sufficient balance in your unlocked accounts to cover your premiums (otherwise your insurance cover will stop), and this is something you should consider if taking a savings suspension.
Income Protection rules
Cover is for when you are medically unable to work. Redundancy is not covered and a 13-week waiting period applies before income protection payments commence. Cover ceases at age 70. Payments cease at age 65, where a claim is accepted before age 64. Where a claim is accepted between age 64 and 69, payments cease after on year or at age 70 if that is sooner. You should see your own tax advice about how the income protection benefit is taxed. Further information is available in the 'Optional Life and Income Protection Insured Benefit' document at mysuper.co.nz/knowledge/disclosure-documents-and-publications
Income protection work hours
Income protection cover is based on working a minimum of 15 hours per week. Should your working hours change, or fall under 15 hours per week, please update us as soon as possible so we can update your cover accordingly.
Other terms and conditions and exclusions apply
Your insured salary may differ from your annual salary. Any payment is subject to your claim being accepted by the insurer under the insurance policies that fund the benefits. Further information is available in the ‘Optional Life and Income Protection Insured Benefit’ document at mysuper.co.nz/knowledge/disclosure-documents-and-publications
Option to opt-out
At any time, should you wish to cancel the optional insurance bundle, you can contact our team. Our team can be contacted on [email protected] to answer any insurance related questions.
Annual member insurance healthcheck
Every October, mysuper undertakes an annual insurance update for members who have chosen to add on the option insurance bundle. The update shares with you any changes that will take affect from 1 October when premium rates are reviewed and confirms how that may affect the current premiums associated with the cover you have in place. It also provides you with an opportunity to review the insurance cover you have, and to advise if your circumstances (e.g. hours you work) have changed at all.
Calculate how much you’d be covered for and how much would come out of your mysuper account. This is based on age, gender Click for info, salary, and reviewed 1 October each year.
We collect sex at birth (biological characteristics recorded at birth, e.g., male or female) rather than gender (your current internal and social identity). This is because the insurer requires sex-at-birth information as it can affect insurance premiums.