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Hostplus super drops life insurance premiums

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Hostplus's life insurance premiums have been cut and guaranteed until 2020.

Hostplus, one of Australia's main hospitality industry superannuation funds, has announced that it is dropping its member life and disability insurance premiums by 6% and it has guaranteed that it will stay that way until 2020.

The ongoing premium guarantee is a nice measure of stability in an industry that's seen some big ups and downs throughout 2017 and lower premiums are always a useful draw.

For many, superannuation can be a more cost-effective way of getting life insurance and this type of substantial premium cut (and the multi-year guarantee) will mean that more people might be topping up their cover.

Hostplus has almost 1 million members and like most other industry superannuation funds it offers life and TPD insurance on an opt-out basis. As such, many people are likely to have life and TPD insurance through Hostplus without even knowing it and typically, people are more likely to add more cover rather than opt out of it.

This is the second consecutive premium cut that Hostplus has implemented in two years, so a lot of Hostplus members might be seeing their superannuation growing faster without realising why.

A premium discount and a three-year cut-price guarantee isn't a bad deal, so now might be a good time for Hostplus members to check their cover and brush up on their knowledge of superannuation life insurance. Hostplus isn't just for hospitality workers either, so even if you don't work in the industry, you can still check it out.

Are you with Hostplus?

  • If you haven't opted out of included insurance, your superannuation savings might be growing faster.
  • If you want to increase your cover, now is a cost-effective time to do it.

Picture: Shutterstock

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