AustralianSuper reviews the Fund’s insurance offer at the start of every year. This review takes several months.
We consider the cost of insurance, the cover we offer and the number of claims made and paid. As a result of the review, the cost of cover can increase or decrease.
Over the past year we had fewer claims for Death, Total & Permanent Disablement (TPD) and Income Protection cover with a benefit payment period up to two years and a 60-day waiting period, so we've been able to decrease the cost of these cover types.
However, the cost for Income Protection with a benefit payment period up to two years and a 30-day waiting period decreased for some members and increased for others to align with the actual cost of providing you with cover based on your age, individual work rating and the claims risk profile of members as they get older.
There was no change to the weekly cost of Income Protection with benefit payment periods up to five years or up to age 65.
AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.