AustralianSuper cutting the cost of insurance
Members to pay $100 million less in insurance premiums over the next financial year.
Great news AustraliaSuper members! Looks like you'll be paying a whole lot less for life insurance over the next financial year. AustralianSuper announced that its members will pay $100 million less for their insurance cover with the fund’s insurer TAL.
"This is a great result for our members and demonstrates AustralianSuper’s commitment to provide the insurance cover at the best possible price for members," said group executive of membership Rose Kerlin.
The reduced premiums come into effect from May and will be on AustralianSuper's death benefit, income protection and total permanent disability cover (TPD) products. But how much will members be saving? That depends on what cover you've got.
Those with income protection will see the biggest reduction, with a saving of 20%. Next are those with a death benefit, who'll see their cover costs go down by 16%. Finally, those with TPD will save 6% on their insurance. These reductions will be assessed following a premium review.
The initiative should benefit the 1.4 million of AustralianSuper's 2.2 million members that have insurance and provide a lower cost option to what is already an easy insurance solution for millions of Australians.
"Insurance through super can be very cost effective and supports thousands of working Australians through tough times in their lives," Kerlin said.
Do you have your insurance through super? Find out the pros and cons of insurance through superannuation versus a standalone policy.
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