Important changes to insurance

On 28 May 2022, the cost of Income Protection with a benefit payment period up to five years and Income Protection with a benefit payment period up to age 65 increased.

On 28 May 2022, the cost of Income Protection with a benefit payment period up to five years and Income Protection with a benefit payment period up to age 65 increased.

Why the cost of cover has increased for just these cover types

The number of claims for Income Protection with a benefit payment period up to five years and up to age 65 has increased, so we've had to substantially increase the cost of these two covers.

The notice we sent you explained that the increase will occur in two phases.

The first increase was applied on 28 May 2022 when the cost of Income Protection with a benefit payment period up to five years increased by 35.6% and the cost of Income Protection with a benefit payment period up to age 65 increased by 62.0%.

The second increase will apply from 27 May 2023 when the cost of these two covers will increase again.

We’ll write to affected members later this year to provide more information about the second increase.

The good news is that over the past year we had fewer claims for Death and Total & Permanent Disablement (TPD) cover as well as Income Protection with a benefit payment period up to two years, so we've decreased the cost of these cover types.

Looking for more information about the changes?

We’ve put together some FAQs below that might provide the answers to your questions.

3 benefits of insurance cover through your super fund

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