Changes to insurance
From 1 April 2021, we'll be making changes to our insurance cover.
From 1 April 2021, we’ll be making changes to our insurance cover, including:
- increasing premiums for Death & Total and Permanent Disablement (TPD) and Death Only cover, and
- changing the TPD definitions, including the removal of the ‘activities of daily living’ (ADL) test.
Why are insurance premiums changing?
Recent events, including legislative changes by the Federal Government, and the health and economic impacts of the COVID-19 pandemic, have increased the cost of providing insurance cover to members through their super.
In response to these events, and after an extensive review with our insurer, OnePath Life Limited, the premiums for Death & TPD and Death Only cover will increase for the first time since 1 July 2019.
Why are TPD definitions changing?
We’ve reviewed the TPD definitions so that more members can access benefits under this policy.
By removing the ‘activities of daily living’ test, members will no longer have to demonstrate that they can’t do basic physical activities, such as bathing or dressing, in order to make a claim.
What do you need to do?
Nothing at all. If you currently have Death & TPD or Death Only cover, the insurance premiums we deduct from your account will automatically increase, and the TPD definition changes will come into effect from 1 April 2021.