Industry superannuation fund Hostplus will decrease its premiums by three per cent for its death and total and permanent disability (TPD) products at a time when other insurers are hiking premiums.
According to the industry fund – which caters to employees within the hospitality, tourism, recreation and sports industries – the changes to the death and TPD premiums will come into effect on 26 September 2015.
The fund has also made changes to its insurance product design to provide members with a greater degree of control and flexibility in their insurance cover, following a recent renewal of its strategic partnership with global life insurance provider MetLife.
"Our new look insurance product will provide members with greater flexibility to tailor insurance cover to best suit their needs," Hostplus chief executive David Elia said.
"Hostplus is proud to offer a three per cent reduction in premiums to members while maintaining our current TPD definitions, at a time when many other insurance providers are increasing premiums or tightening definitions and exclusions.
"The other good news is that our death insurance cover has been extended from age 65 to 70, which means our members will be covered for longer."
There will be no changes to fixed insurance or salary continuance cover or premiums charges, a statement from Hostplus said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 24 May 2018ANZ dealer group boss jumps ship to Aus UnityBy Reporter
- 24 May 2018Elder abuse may stem from additional SMSF membersBy Miranda Brownlee
- 23 May 2018Trail commissions ban would create ‘bigger conflict’, says licenseeBy Killian Plastow
- 23 May 2018‘Shut it down’: CPA members rail against troubled advice armBy Aleks Vickovich and Jotham Lian
- 23 May 2018Labor heavyweight concedes industry fund hypocrisyBy Aleks Vickovich and Jessica Yun
- 22 May 2018Netwealth reflects on Banqer progressBy Reporter
- view all