Effective 30 March 2024 your Income Protection will reduce to $1,000 a month.
We wrote to you in November 2023 about the upcoming change to your Income Protection (see the Important change to your Income Protection notice) and your options.
Here’s a summary about the change and information about what you can do.
It’s important you get value from your insurance cover1 and that it’s right for your needs, because insurance costs are deducted monthly from your super account and they reduce your retirement savings.
You currently pay for basic age-based Income Protection from your super account. We’re reducing the amount of Income Protection you have to $1,000 a month and changing it to fixed cover, effective from 30 March 2024.
See Your options below for more details and the things to consider about your Income Protection.
Income Protection can provide monthly payments to help you get by if you become ill or injured (at work or outside of work) and can’t work.
We don’t know your personal and financial circumstances, that’s why it’s important that you review and consider your insurance needs, how much cover (if any) might be right for you and your options if you do want to keep or change your Income Protection.
Check your cover and review your insurance needs
- When reviewing your Income Protection, think about whether you need this type of insurance cover and the amount that is right for you. Use the insurance calculator to help you work out how much (if any) cover is right for you and what it might cost, based on your age as well as other personal and financial details.
- Consider the impact of insurance costs on your retirement savings.
- If you have insurance cover elsewhere, for example with another super fund, then you may want to consider if you should keep both amounts of cover and if you will be able to claim it or not.
- You may choose to keep your basic age-based Income Protection, or you may want to increase, decrease or cancel it based on your needs.
To check how much cover you have, use the AustralianSuper app or log into your account at australiansuper.com, go to Insurance, then Manage insurance.