Important changes to your insurance cover and costs

Your insurance cover1 and costs changed on 27 May 2023. 

1 AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.

Why the cost of cover changed

Last year, we sent you a Notice about important changes to your insurance, including changes to the cost of cover in your plan. We told you that if you were an insured Finsuper member on 27 October 2017 and born on or before 28 October 1966, the cost of your Income Protection with a benefit payment period up to two years and a 30-day waiting period would increase in two phases. The first increase applied from 28 May 2022 and the second increase (impacting some members) applied from 27 May 2023.

 

How much has the cost of cover changed?

The cost depends on the cover you have. You can use the link to our insurance calculator (below the example tables on this page) to calculate the cost of your cover.

You’ll still only pay what it costs to provide your cover. AustralianSuper doesn't make any profit from the insurance we provide.

Here are some examples that illustrate2 the change in cost for members in the AustralianSuper Plan based on their age, individual work rating, Income Protection benefit payment period and waiting period.

George is 27 and his individual work rating is Blue Collar. He has Income Protection with a benefit payment period up to two years and a 60-day waiting period.
Cover types Basic cover amounts Cost of cover before 27 May 2023 Cost of cover from 27 May 2023
Death cover $147,000 $1.47 a week $1.26 a week
TPD cover $56,000 $0.48 a week $0.42 a week
Income Protection $2,200 a month $0.77 a week $0.67 a week
Total $2.72 a week $2.36 a week
Difference  -$0.37 a week 

The total weekly decrease to the cost of George’s cover is 37 cents.

Miriam is 39 and her individual work rating is White Collar. She has Income Protection with a benefit payment period up to two years and a 30-day waiting period.
Cover types Basic cover amounts Cost of cover before 27 May 2023 Cost of cover from 27 May 2023
Death cover $166,000 $1.58 a week $1.36 a week
TPD cover $45,000 $0.71 a week $0.63 a week
Income Protection $3,100 a month $3.53 a week $3.69 a week
Total   $5.82 a week $5.68 a week 
Difference  -$0.14 a week

The total weekly decrease to the cost of Miriam’s cover is 14 cents.

Lazlo is 53 and his individual work rating is Professional. He has Income Protection with a benefit payment period up to age 65 and a 60-day waiting period.
Cover types Basic cover amounts Cost of cover before 27 May 2023 Cost of cover from 27 May 2023
Death cover $54,000 $1.18 a week $1.02 a week
TPD cover $11,000 $0.56 a week $0.49 a week
Income Protection $2,900 a month $41.62 a week $41.62 a week
Total  $43.36 a week  $43.13 a week
Difference
-$0.23 a week 

The total weekly decrease to the cost of Lazlo’s cover is 23 cents.

2 Case studies provided are for illustrative purposes only and aren’t a representation of the actual benefits that may be received or the fees and costs that may be incurred.

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