New insurance arrangements

New insurance arrangements

NGS Super has introduced new insurance arrangements which will affect most members. You can read about the changes here.

Please watch our Insurance cover changes video update from our CEO, Anthony Rodwell-Ball for more information.

Key features

The key feature of our ‘needs-based’ design is that the amount of standard cover you have changes at certain ages.
The Standard Cover package (while not necessarily being suitable for everyone) is designed to provide a basic level of protection throughout your working life, without your active involvement.

Standard Cover offers:

  • an age-based approach for life cover, providing different levels of cover at various ages, which aims to provide appropriate cover based on ‘average member’ life stages. Life cover is lowest when you are young and automatically increases as you get older (when your need for cover may be higher), then reduces again as you approach retirement;
  • disability (TPD) and income protection (IP) benefits that work in conjunction with each other. Our long-term IP benefit payment period will help to meet your future living expenses, while the lump sum disability (TPD) benefit aims to provide protection for other financial costs associated with a permanent disability.

Our standard IP cover provides a monthly benefit of up to 80% of your pre-incapacity income plus up to 10% super contribution, if you are unable to work due to injury or sickness for more than 90 days. You can be paid benefits for up to 5 years (or to age 65 if this is earlier).
You can apply for additional cover if you need more than our age-based Standard Cover.

To see how cover changes will affect your premiums try our Insurance quote calculator.

Where you have more than nine units of age-based cover (or fixed cover only) your Occupational Category used to determine premiums are based on your insurance category as follows:

  • NGS Plus = White Collar. There is one further level above this, which has lower premiums: professional
  • NGS General = Light Manual. There are two further levels above this, which have lower premiums: white collar and professional.

You can request to change your occupational category by completing an Insurance variation form - fill in the ‘Change occupational category’ section.  Any related insurance premium reduction will apply from the date that your election is accepted by the insurer.

Reasons for insurance changes

A number of factors were taken into consideration when reviewing our insurance offer, these include:

  • an increase in claims and the cost of providing cover
  • making premiums fairer across age groups
  • to better meet member needs.

Please read the below fact sheet for more information about why our premiums have changed.

Life, Disability and Income Protection cover - why our premiums have changed

How do our new insurance arrangements compare?

SuperRatings, an independent ratings agency, has reviewed the new NGS Super insurance arrangements and they have confirmed that they will continue to rate the Fund's insurance at their highest rating "Well above benchmark" from 1, July 2014.

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