Why is your insurance changing?
We’re making changes to our insurance offering from 14 October 2020, including changes to Death cover, Total and Permanent Disablement (TPD) cover and Income Protection.
We’ve reviewed our offering to take into consideration the ‘Putting Members’ Interests First (PMIF)’ legislation introduced by the Federal Government on 1 April 2020. These legislation changes and external pressures have generally resulted in increased premiums across the super industry. However we've worked with our insurer to ensure our offering better reflects our members’ life stages and characteristics, while keeping our premiums fair and competitive.
Things to know:
- please take a look at our new rates tables for the new premiums and level of cover from 14 October 2020. Premiums are deducted from your account at the end of each month, and generally increase annually on your birthday
- there's some updates to the Terms and Definitions which may impact you depending on your situation. Please read them along with our Insurance Guide to understand the details of these changes and what they may mean for you
- we're also making some changes to the names we use for occupation categories so they're easier to understand
- Australian Ethical does not take any commissions or have any profit-sharing arrangements with the Insurer and any tax rebates received for premiums paid are put back into your super account
You can check your insurance cover and premiums in your member portal.
You won’t be able to see your updated insurance or make any insurance changes in the portal between 14 October and 21 October 2020 while we're finalising these changes.