Income insurance premiums are rising and here’s what you need to know

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Andrew Mo Published: 15 August 2020

As you are likely aware the Coronavirus pandemic continues to devastate parts of the world each day and only now are we coming to understand the full extent of the economic impact the virus has caused.

Operating in these difficult economic times has forced many insurers to change their pricing and product features to ensure sustainability in the future so that they can continue to benefit their customers.

Here are some key changes to all new OnePath customers which took effect on 15 July 2020:

  • Premium increases of 20% to Income Secure Cover (excluding Essentials) and Business Expense Cover
  • Removal of Level Premiums for Income Secure Cover, Business Expense Cover and Living Expense Cover

At this stage they have not officially announced an increase in premiums for existing customers, however, a potential increase is in the works for September 2020. Currently, we do not have any further details on how this will affect your policy.

Fortunately, although most of these changes concern Income Protection policy holders, there are a range of discounts introduced to support new OnePath customers. Some of these discounts are detailed below:

  • 10% Kickstart discount – This can be applied for Life Cover and any linked TPD and/or Trauma insurance policy making it much more affordable.
  • 10% Essentials Multi-Cover discount – This build on the existing Multi-Cover discount of 5% and adds another 10% to standalone Life, TPD or Trauma lump sum covers (only when Essentials is purchased).

These discounts can be very beneficial and it is important to note that, when combined, in some cases the total discount for customers would amount to over 20%.

Are you looking for a new income protection policy or would like to compare what is available in the market? We compare up to eight insurance companies to help you find a policy that provides great value and meets your requirements.

If you would like to compare income insurance providers, try our online comparison engine here. Alternatively, if would like to find out more about income protection please give call us a on 1300 135 205.

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