Changes to insurance cover

Significant Event Notice (SEN)

May 2019

Changes to Death & Total and Permanent Disablement (TPD) and Death Only Fixed Premium insurance cover – under 33 with Death & TPD, and under 26 with Death Only

We're making some significant changes to our Death & Total and Permanent Disablement (TPD) and Death Only Fixed Premium insurance cover. The level and cost of your insurance cover will change, depending on your age.

For Death & TPD cover, members aged:

  • 29 and under will have a much lower level of cover and a reduction in premiums
  • between 30 and 33 will have a slightly lower level of cover and a minor increase in premiums
  • 34 and over will have a higher level of cover, with only a moderate increase in premiums.

For Death Only cover, members aged:

  • 26 and under will have a much lower level of cover and a reduction in premiums
  • between 27 and 29 will have a slightly higher level of cover and a reduction in premiums
  • 30 and over will have a higher level of cover, with a moderate increase in premiums.

If you are

  • aged 33 or less at 1 July 2019 with Death & TPD cover, or
  • aged 26 or less at 1 July 2019 with Death Only cover

you can choose to convert your current Fixed Premium cover to Fixed Amount cover, and it will be rounded up to the nearest $1,000.

With Fixed Amount cover, the premium you pay will increase as you age while the amount you're covered for stays the same. You can choose to convert your current insurance from Fixed Premium to Fixed Amount cover by notifying us directly by 31 May 2019. Your transfer to Fixed Amount cover will be effective the date we receive your request.

If we do not hear from you by 31 May 2019, your insurance cover and premiums will change on 1 July 2019.

Communications

Individual correspondence to all members under 33 with Death & TPD, and members under 26 with Death Only on 1 May 2019.

Member News, May 2019 

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