Our insurance cover is changing

On 1 July 2019, our Death & Total and Permanent Disablement (TPD) and Death Only Fixed Premium insurance cover will be changing.

These changes will reflect our understanding that a one-size fits-all approach might work for some things in life, but not our members. We recognise that insurance needs to be tailored to the individual.

With this in mind, we‘ll be making changes to our Death & Total and Permanent Disablement (TPD) and Death Only Fixed Premium insurance cover to reflect a more considered approach.

Our new insurance cover will take into account your individual circumstances and needs – now and later in life.

To review the segmented age breakdown of our insurance cover and premiums that will be implemented on 1 July 2019, please click here. If you have any questions, please contact us on 1300 130 780.

Death & TPD

Our new Death & Total and Permanent Disability (TPD) cover will provide you and your family with financial security if you die or become permanently disabled and unable to work. Currently, all our members pay the same premium as each other, regardless of their age and circumstances. After 1 July 2019, our premiums and cover will reflect individual ages and circumstances.

To ensure that your Death & TPD cover is relevant to your individual requirements, our insurance cover will be tailored to reflect your age and different stages in life.

We’ll have you covered, at every stage in life

Age 15 – 24

You’re still young and probably just started out in your career. Kids and mortgage may not be at the top of your list! With this in mind – and recognising that you may require lower levels of insurance cover – we’ll substantially reduce your premiums, which means more super will stay in your account, allowing it to continue to grow for a time when you’ll need it.

Age 25 – 29

You’re settling into your career and may be starting to think about your future which includes buying a home and having kids, but you’re not quite there yet! In view of this, we’ll be slightly reducing the amount of your insurance cover and, in turn, reducing your premiums – we’d prefer at this stage that your super is left to grow, rather than be chipped away.

Age 30 – 34

Early to mid-30s often brings big changes in life! You may have just bought a house or had a child and while it still seems far away, you’re now starting to think about protecting you and your family later in life. Our focus is on keeping your super in growth stage, and while we’ll be marginally reducing your insurance cover, we’ll slightly increase your insurance premiums to reflect your needs later in life. The good news is that until your late 30s, your cover will steadily increase, which will benefit you when you need it most.

Age 35 – 64

In this stage of your life, we want to make sure you’re adequately protected, as it’s when you’ll have most at stake. We will maximise your cover, before it is gradually reduced each year as your needs may diminish. We’ll be increasing your premiums but in doing so we’ll also be increasing your insurance cover to a level that will provide you with peace of mind should you or your family need to access it.  

Age 65 – 69

Hopefully all your hard work has paid off and you can start to relax in life. We’ll slightly increase your level of insurance cover, at no extra cost to you.

What does it look like?

Death Only

We don’t like to think about it, but it’s a reality – you need to safe-guard your family in the event of your death. Planning now will ease the financial stress on your family if something were to happen to you. From 1 July 2019, our new Death Only cover will provide you and your family with financial security in the event of your death.

To ensure that your Death Only cover will be relevant to your stage in life, we will tailor the level of insurance to reflect your age and stage in life.

We’ll have you covered, at every stage in life

Age 15 – 24

You’re still young and probably just started out in your career. Recognising that you may require lower levels of insurance cover, we’ll substantially reduce your premiums, which means more super will stay in your account allowing it to grow for a time when you’ll need it.

Age 25 – 26

You’re still young and probably just started out in your career. Recognising that you may require lower levels of insurance cover we’ll reduce your premiums slightly, which means more super will stay in your account allowing it to grow for a time when you’ll need it.

Age 27 -29

You’re settling into your career and may have started to think about your future which may include buying a home and having kids, but you’re not quite there yet! Recognising that you may not be at that stage where you require a high level of insurance cover, we’ll slightly increase the amount of your insurance cover and, in turn, we’ll reduce your premiums – we’d prefer at this stage that your super is left to grow, rather than be chipped away.

Age 30 – 34

Early to mid-30s often brings big changes in life! You may have just bought a house or had a child and while it still seems far away, you’re now starting to think about protecting you and your family later in life. While focusing on keeping your super in growth stage - yet ensuring your cover has started to account for possible future financial commitments – we’ll increase your insurance cover to reflect your needs later in life, with a marginal increase in your premiums.

Age 35 – 49

In this stage of your life, we want to make sure you’re adequately protected – if needed – as it’s when you’ll have most at stake. We will maximise your cover, before it’s gradually reduced each year as your needs diminish. We’ll increase your premiums but in doing so we’ll also increase your insurance cover to a level that will provide you with peace of mind should your family need to access it.

Age 50 – 64

This is a complex age group. While your need to cover school fee and mortgage obligations are on the decline and the need for higher insurance cover has reduced, you still need peace of mind that your family is covered if they need to access it. To accommodate this, your insurance cover amount will decrease and the cost of your insurance will increase.

Age 65 - 69

Hopefully all your hard work has paid off and the need to ensure you’re adequately covered financially in the event of death has lessened. Recognising this, we’ll slightly decrease your level of insurance cover and also reduce your premiums.

What does it look like?