Australian Super will substantially increase its death and total and permanent disablement (TPD) insurance premiums due to rising policy costs.
The 35% price hike is due to come in at the end of March and was confirmed by AustralianSuper group executive of membership Paul Schroder.
He told Financial Standard that the decision made due to the fact that policy costs had increased.
"Australia's super fund members have had access to relatively cheap insurance and are seeing premium prices rise across the board," Schroder said.
This price increase comes after AustralianSuper and REST lifted the cost of insurance to their members in the first half of last year.
The two super funds lifted the cost of insurance to their members increasing the cost of its death and total and permanent disablement cover by around 38%, while the cost of income protection cover will increased by 25%
Retail industry fund, REST increased the cost of its death cover by around 45%, with TPD increased by 30% and income protection increased by 3%.
To read a full story, http://www.financialstandard.com.au/news/view/38630370
If you have Australian Super or REST Super and wish to review your insurance options, contact us on www.fortunewealth.com.au.
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