Occupational rating – a way to save on your QSuper insurance?
Queensland Teachers' Journal, Vol 128 , 21 July 2023, page no.26
Did you know that you may be able to change the amount you pay for insurance premiums through your QSuper Accumulation account by “occupationally rating” yourself?
By occupationally rating yourself, you could potentially be charged lower premium rates than the default premium rates. Some occupational ratings will result in a higher premium, but you have the option of whether to apply that occupational rating.
Like most super funds, QSuper products available as part of Australian Retirement Trust include three main types of insurance, which are:
- death cover
- total and permanent disability (TPD) insurance
- income protection insurance.
Learn more about insurance through your QSuper account: https://qsuper.qld.gov.au/insurance
But as your life changes, so may the insurance cover you need.
So, what does occupational rating mean?
Occupational rating is the occupational category you are in for the purpose of your life insurance cover. It impacts the premiums that you are charged for that cover.
When you are provided with default insurance cover under the QSuper Accumulation insurance product, you are charged premium rates called default rates, which are based on a default occupational rating.
These are the premium rates which are charged to everyone with default cover and who have not:
- personalised their cover or
- occupationally rated.
The occupational ratings through QSuper insurance and the associated impact on default rates are:
- professional rate (lower than default rates)
- white collar rate (lower than default rates)
- standard rate (similar to default rates)
- high risk rate (higher than default rates)
When can I occupationally rate myself?
You can occupationally rate yourself at any time while you have insurance cover. You DO NOT have to change the level or type of cover that you have to occupationally rate.
When is it mandatory to occupationally rate myself?
It is mandatory to occupationally rate yourself when you change your level of cover away from the default levels provided or add a type of insurance cover you don’t currently have. This is called personalising your cover.
Learn more about occupational ratings and personalising your cover here: https://qsuper.qld.gov.au/insurance/what-is-occupational-rating.
What if I have a Defined Benefit account?
Occupational rating is not an option for insurance that is provided to Defined Benefit account holders.
How do I apply to be occupationally rated?
Step 1: If you are a QSuper Accumulation account holder, you can apply to be occupationally rated by answering some questions about your job after logging in to Member Online (https://memberonline.qsuper.qld.gov.au/login?returnUrl=/your-super/super/insurance&utm_source=qld%20teachers%20union&utm_medium=trade%20journal&utm_campaign=qtu%20july%20journal&utm_content=july-23&qtm_code=spon).
Step 2: Once you’ve completed the questions, you’ll be shown your occupational rating and how it will impact your insurance costs before you confirm whether or not you’d like to apply any changes.
What if I haven’t got access to Member Online?
To register for Member Online, visit memberonline.qsuper.qld.gov.au/login and then click on the option to register. If you have any difficulties with Member Online registration, please give our friendly contact centre a call on 1300 360 750.
Article provided by QSuper
Step 2: Once you’ve completed the questions, you’ll be shown your occupational rating and how it will impact your insurance costs before you confirm whether or not you’d like to apply any changes.
What if I haven’t got access to Member Online?
To register for Member Online, visit memberonline.qsuper.qld.gov.au/login and then click on the option to register. If you have any difficulties with Member Online registration, please give our friendly contact centre a call on 1300 360 750.