AustralianSuper will increase insurance premiums

More increases from Australia’s largest super provider are coming this year

Get an instant Life Insurance quote

Or call us on:

1300 135 205

From 30 May 2020, AustralianSuper will implement a number of increases to the cost of their insurance premiums. If you are a member of AustralianSuper it is important to know how these changes will affect you.

Members of Australia’s largest superfund, AustralianSuper, can expect another increase in their insurance premiums at the end of May this year. This comes less that half a year after their prior increase to life insurance fees in June 2019 and only months after their “Administration fee – Protecting Your Super” fee in January 2020.

Key increases

The key increases that will come into effect on the 30th of May this year are as follows:

  • Death cover will increase by an average of 2.3%
  • TPD will increase by an average of 17%
  • Income protection will increase an average of 19.3%

The announcement for these changes in fees has come off the back of the recent decision by the Australian government to allow individuals affected by COVID-19 early access to their super. A measure aimed to provide financial relief by giving access to up to $10,000 of their superannuation in the 2019-20 financial year and a further $10,000 in the 2020-21 financial year if required.

Despite the timing of this fee hike, AustralianSuper has emphasised that this change is not a result of the current COVID-19 pandemic. In the communication distributed to members AustraliaSuper states that:

“And whilst the onset of the COVID-19 Pandemic and the annual review of insurance costs are not linked, we’d like to assure you AustraliaSuper members with active insurance are covered for death, total and permanent disablement and income protection claims resulting from COVID-19.”

If you would like to find out more about upcoming changes that may affect your life insurance policy or if you are considering comparing your premiums and policy benefits of up to eight other major life insurance brands, contact us or fill in the form below and we will be in touch at a time that suits you.

Request a callback

Other topics