Changes to Income Protection
After reviewing our insurance claims experience and the Federal Government's recent Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 legislation, we’re taking this opportunity to make adjustments to our Income Protection, to reduce the impact to members.
What changes are we making?
Due to the increased number of Income Protection insurance claims we have received over the last few years, we’ve reviewed the Income Protection benefits we provide members and the cost of providing this cover.
Income Protection benefit periods
By changing the default (i.e. automatic) Income Protection benefit period we’ll offer after 1 July 2019 from five years to two years, the premiums (i.e. insurance costs) of members with default Income Protection will decrease.
However, the Income Protection premiums of members who have chosen a longer benefit period (e.g. five years, or to ages 65 or 70) will increase from 1 July 2019 onwards. This isn’t a decision we make lightly.
Annual review changes
Your insurance premium costs are currently updated on 30 June each year. From 1 July 2019, your insurance premiums will be updated on your birthday each year.
There are no changes to the Death cover or Total & Permanent Disablement cover we offer.
What you can do
As your life changes, so can your insurance needs. Before you make any changes, estimate what cover you need to protect you and your family, with our Insurance needs calculator.
You can change your Income Protection premiums by adjusting your sum insured, the waiting period, or the length of your benefit period. We offer Income Protection benefit periods of up to:
- Two years
- Five years
- Age 65, and
- Age 70.
Using this Cost of insurance calculator, you can vary the Income Protection benefit period, sum insured, or waiting period and work out how much your insurance will cost from 1 July 2019 if you make a change. You can compare this calculation to the premium shown in the letter we sent you in April 2019.
You can change or cancel your insurance cover at any time:
- request changes through MyLife Online, or
- download, complete, and send the appropriate form to us.
We can help you
It’s important you have the right level of insurance cover. Our Insurance needs calculator makes it easy to work out your requirements.
One of our financial planners can help you with a comprehensive evaluation of your current financial state and give advice for your future. If you haven’t met with one of our financial planners before, your initial discussion is completely free. Any additional costs will depend on the complexity of your financial situation and financial plan.
If you have any questions, please:
- call us on 1300 655 002
- email email@example.com
- request a call from a Superannuation Specialist using the form below.