We let you know in June 2023 that insurance premium rates for two types of cover, income protection (IP) and total and permanent disablement (TPD), were reducing on 1 July 2023.
We’re pleased that we have been able to work with our insurer, MetLife, to reduce rates again from 1 January 2024. Premium rates for income protection cover will reduce by over 13 percent, while premium rates for both default and voluntary TPD cover will reduce by over 16 percent.
You can find the premium rates for your Division below:
We conduct yearly reviews of our investment options to make sure they’re set up in the best way to deliver for our members. On 1 January 2024, we will be making a change to the risk level of the Cruising stage in our Glidepath investment option.
Each of our investment options is designed with a particular level of risk in mind, with the level of risk typically correlating to the potential for reward. We assess the risk of each option on a scale from 1 to 7. To better reflect expectations for investment market risk, we are amending the risk level of the Glidepath – Cruising stage from 6 to 5. This means its risk rating will be moving from ‘High’ to ‘Medium to high’.
You can learn more about each of our investment options here.
If you want to learn more about insurance or need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.
