From 1 March 2018 the weekly cost of Death and Total and Permanent Disablement (TPD) insurance will increase from $1.08 to $1.23 for one unit of cover. This change does not apply to members who have a fixed amount of Death and TPD insurance or have Income Protection insurance.
This is the first change in the cost of insurance that we have implemented for two years. It’s great that you have insurance because it’s an important part of your financial wellbeing to be covered in case something happens. While the premium costs have increased, they are still very competitive and represent great value for our members.
What does this mean for you?
When joining Australian Ethical Super, most members automatically received default Death and TPD insurance. Default cover is provided in blocks of cover called ‘units’. So this change means if you have three units of default insurance, from 1 March 2018 your premium will increase from $3.24 to $3.69 per week, or from $168.48 to $191.88 per year.
To check your insurance simply log into your Australian Ethical superannuation account and choose ‘Insurance’. You can always choose to increase, reduce or cancel your insurance cover any time to suit your needs (but remember that eligibility conditions and age limits apply).
Important conditions apply to default insurance
Your insurance amount depends on your age and the type of work you do (or your occupation category). If you don’t let us know your occupation category, we provide cover for a ‘Standard’ occupation category. If you’re not sure what your occupation category is, please give us a call and we’ll help you work it out.
If you need to make any other changes to your insurance, including your occupation category, you can complete and return the insurance variation form at australianethical.com.au/super/forms.
Do you know there are important terms and conditions that impact your eligibility and level of insurance? Some examples of these conditions include: your cover may be restricted to ‘New events cover’; whether you’re in ‘Active employment’; if you’re an ‘Employer sponsored member’; or the timing of when you made your first superannuation guarantee contribution with us.
For more details about these and other important conditions, take a look at our Insurance Guide at australianethical.com.au/super/insurance.
Insurance can be complex so it might be a good idea to speak with an appropriately licensed adviser to ensure you understand how it applies to your particular circumstances.
We’re here to help
If you’d like to chat about this change, or have a question about your insurance, please call us on 1300 134 337 from 8am to 8pm (AEST) Monday to Friday or email us at firstname.lastname@example.org. We’re here to help.