Insurance in Super

Insurance in Superannuation Voluntary Code of Practice

Insurance through Super can be a cost-effective way to help provide a secure financial future in the event of death, disability or temporary setback due to an illness or injury.

We are committed to looking for ways to improve our insurance arrangements for our members. It’s one of the key reasons why we were one of the first Retail Super fund in Australia to commit to adopting the Insurance in Superannuation Voluntary Code of Practice (the Code).

The Code sets out the superannuation industry’s commitment and obligations to achieving the highest standards of value and service when providing insurance to our members.

It also sets out timeframes for us to respond to claims or requests. You can read more about the Code here.

Transition Plan

We have developed a Transition plan to summarise when we will adopt the Code. You can read more about the Transition Plan here (47.8kB PDF).

Claims

Oasis Fund Management, as Trustee of the Oasis Superannuation Master Trust, we will oversee and help members or beneficiaries with the claims process.

We understand that when you need to claim it can be a very difficult and emotional time. We aim to make the claims process as straightforward as possible. We have specialist teams to help you through the claim process. Please find your type of cover below and follow the steps outlined below.

Type of CoverProduct NameHow to Claim
Group insurance (issued by OnePath Life)
  • Mentor Superannuation Master Trust

  • Voyage Superannuation Master Trust

  • Wealthtrac Superannuation Master Trust


If you wish to make an insurance claim or request a release of superannuation funds due to financial hardship, please contact your financial adviser or call our Customer Services team on 1800 093 141 weekdays between 8.00am and 7.00pm (Sydney time).
 
Please notify us as soon as practicable after the insured event so the appropriate claims forms can be sent to you to complete and lodge your claim.
OneCare retail insurance (issued by OnePath Life)
  • Mentor Superannuation Master Trust

  • Voyage Superannuation Master Trust

  • Wealthtrac Superannuation Master Trust

If you wish to make an insurance claim, please contact your financial adviser or call the insurer’s Claims Helpline on 1300 555 250 weekdays between 8.30am and 6.00pm (Sydney time). You should lodge your claim as soon as practicable after the insured event to enable a complete assessment of your claim.
 
If you wish to request a release of superannuation funds due to financial hardship, please contact your financial adviser or call our Customer Services team on 1800 093 141 weekdays between 8.00am and 7.00pm (Sydney time).

Please refer to our Claims Philosophy document (183kB PDF)to understand how we approach the pursuit and assessment of claims on behalf of a fund member or particular beneficiary.

Complaints

Our commitment to ensuring our products and services meet your expectations means that we value your feedback regarding how we are performing.

Your adviser is your first point of contact for enquiries, complaints or to provide feedback. Alternatively, you can contact us directly via phone, email or in writing and we will endeavour to resolve your concerns quickly and fairly.

Phone: 1800 893 141
(International number): +61 02 8245 3759
Email: service@wrapinvest.com.au
Write to: GPO Box 3154 SYDNEY NSW 2001

Further help – the Australian Financial Complaints Authority (AFCA)

If your concerns haven’t been resolved to your satisfaction, you can lodge a complaint via AFCA who provide fair and independent financial services complaint resolution that is free to consumers.

Phone: 1800 931 678
Email: info@afca.org.au​
Write to:
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Online: www.afca.org.au​

Cancelling or changing your insurance cover

Subject to your policy terms and conditions, if you would like to make changes to your insurance cover including increasing, reducing or cancelling cover, please call us on 1800 893 141 for assistance and further instructions.

Alternatively, contact your financial adviser.

Consequences of cancelling or changing your insurance cover

Cancellation of your insurance cover means:

  • you won’t be able to make a claim for insurance benefits for events or conditions that arise from the date of cancellation; and
  • insurance fees will no longer be deducted from your account.

If you’re replacing the insurance cover with alternate insurance cover, it’s recommended you wait for the replacement cover to be in place before cancelling your existing insurance cover.

If you have cancelled or reduced your cover and you wish to obtain insurance cover again or increase your cover, you’ll need to make an insurance application. As your application will be subject to health assessment and acceptance by the Insurer, you may not be able to obtain insurance cover, or your cover may be subject to terms and conditions applied by the Insurer.

We recommend speaking to a financial adviser before making any decision regarding your insurance cover.

Annual Code Compliance Report

Our compliance with the Code will be monitored regularly and results will be set out in our Annual Code Compliance Report – published annually around 30 June. Click to view our Annual Code Compliance Report (469kB PDF).

Intention of providing insurance cover

We provide you with peace of mind with a range of insurance cover options. Insurance cover varies for each product, for details, including definitions and how these will be applied in practice, check the insurer’s Product Disclosure Statement.

Death cover helps protect the financial future of your loved ones in case of your death. It may also be payable if you are diagnosed with a terminal illness.

Total and Permanent Disability cover provides support should you suffer a lifelong disability due to illness or injury that prevents you from working.

Income Protection cover provides financial support in an event of temporary setback due to an illness or injury that prevents you from working.

To find out what insurance cover you have, contact us.

Benefits and cost of insurance in super

Holding insurance through super can provide peace of mind, knowing that should the unexpected happen, you can continue to look after the ones you love, even if you aren’t around. There are different types of insurance cover available, depending on your superannuation product, such as Income Protection, Total and Permanent Disability cover and Death cover. It’s important to research and choose the superannuation product and insurance cover that best suits you and your circumstances 

As insurance fees are deducted from your superannuation account, they are generally tax effective and don’t impact your take home pay. However, It’s important to remember that insurance fees are deducted from your superannuation account This means less money available to invest, and over the long term, less for your retirement, unless you contribute extra to cover the cost of the insurance fees deducted from your account.

As life changes, your insurance needs may change too. It’s important to review your cover regularly to make sure it continues to be right for you and insurance fees aren’t unnecessarily reducing your super balance.

Further information on insurance inside super is available through the Australian Government’s MoneySmart website here.

Key Documents

Insurance in Superannuation Voluntary Code of Practice
Oasis Insurance in Superannuation transition plan (47.8kB PDF)
Oasis Insurance in Superannuation Annual Code compliance report. (469kB PDF).