Tailor your cover
Your insurance needs are driven by your lifestyle and financial commitments and these factors will change depending on where you are in life.
The level of insurance cover you automatically receive may not be what you actually need. So it’s a good idea to regularly review your cover and make any necessary changes.
Click on any of the topics below to learn more about how to tailor your cover.
- Do I have enough?
Before changing your cover, you need to work out if there’s a gap between what you currently have and what you need.
- Start by checking what cover you currently have. You can do this by logging into LGIAsuper online and requesting a benefit quote or contacting us.
- Use LGIAsuper’s Insurance needs calculator to get an estimate of how much Death, TPD and Income Protection you need based on your situation and see if there’s a gap in cover from what you currently have.
- You can apply to increase your cover if you feel you don’t have enough. If you think you have more cover than what you need you can reduce your cover or cancel it altogether. You can also fix your cover to a number of units or to a dollar amount (limits apply).
- Before making any changes, read our Insurance guide (or the relevant Defined Benefit guide on our PDSs and guides page if you have a Defined Benefit account).
- Can I increase my cover?
You can apply to increase your cover if you feel your current cover doesn’t meet your needs (or if you have previously cancelled your cover and want to re-apply).
Depending on the type of cover, how you’re employed and how much you want to increase your cover by, your application may be subject to underwriting. This means you could be asked to provide evidence of good health and the Insurer may refuse your application, reduce your level of cover, increase your waiting periods or place exclusions on it.
For more information, download our Insurance guide. To apply for more cover, complete the Insurance application form at the back of the guide.
If you have an LGIAsuper Defined Benefit account, read the relevant Defined Benefit guide on our PDSs and guides page for full details on applying for more cover.
- Can I reduce or cancel my cover?
If you decide you have more cover than you need, LGIAsuper gives you the flexibility to reduce your cover or cancel it altogether.
If you cancel your cover and decide later that you want it again you will need to apply and provide evidence of good health.
For more information on reducing or cancelling your cover, read the Insurance guide or contact us to learn more about your options. If you want to cancel your cover you’ll need to complete an Insurance cancellation form (IC).
There are some restrictions on reducing or cancelling your cover if you’re a Defined Benefit member. For full details read the relevant Defined Benefit guide on our PDSs and guides page.
- Can I fix my cover?
You can fix the number of units of cover you have at any time. If you do this there will be no recalculation of your number of units each 1 July (recalculation applies to Queensland local government employees only). However, the value of each unit will reduce with your age at 1 July each year.
You can also fix your insurance to a dollar amount as long as you’re 61 years or under. This fixed dollar amount will not decrease each year like units of cover (except for fixed TPD cover from age 60 to 65) or be recalculated each 1 July (recalculation applies to Queensland local government employees only).
You can only transfer your Death and TPD cover from unit-based cover to fixed cover (and vice versa) once every 12 months. Before transferring your cover, read our Insurance guide for more information on fixing your cover and what premiums apply.
There are some restrictions on fixing your cover if you are a Defined Benefit member. For full details on your insurance cover, read the relevant Defined Benefit guide on our PDSs and guides page.