We work closely with our Insurer (MLC Life) to regularly review the insurance we offer our members, to make sure it continues to provide you with the best-value cover and to meet changing government requirements.
Our focus is to keep fees and costs low, so you have more in retirement – that’s why your premiums haven’t gone up for some time. In the last few years many factors have contributed to insurance premiums rising across the superannuation industry, with most funds putting their premiums up – in some cases premiums have more than doubled.
MLC Life has determined that a 17.8% premium increase is required to continue to cover the cost of providing insurance to our members. The changes will be effective 1 January 2021 and are guaranteed for two years.
For an overview of the new premiums you can check out the premium tables for Super Saver accounts, or Personal accounts.
Jessica is 30 years old and has three units of death and total and permanent disablement cover, which for a 30-year-old is $262,500 of cover. Before 1 January 2021 she paid $4.29 a week for her cover, from 1 January 2021 she will pay $4.98.
If Jessica had fixed her cover for death and total and permanent disablement of $250,000, before 1 January 2021 she paid $0.86 per year per $1,000 of cover, which was an annual premium of $215.00. After 1 January 2021, she will pay $247.50.
We have also updated some aspects of the way TPD and IP are defined in our policies, to make the definitions more relevant to capacity for work. Please note that this change will be only applied to any events occurring after 1 January 2021.
If you have insurance, no. The new insurance premiums will apply automatically from 1 January 2021. However, now might be a good time to:
The new Product Disclosure Statement (PDS) and the Insurance guide will be available on 1 January 2021 at visionsuper.com.au/publications or by calling us.
If there is anything we can do for you, or you have questions about your insurance you can email us at [email protected] or call us on 1300 300 820 between 8.30am and 5pm Monday to Friday.
Member Hotline 1300 300 820
Employer Hotline 1300 304 947
Retirement Hotline 1300 017 589