According to the industry fund, the deal, which will be effective as of 1 November 2015, will see no increase in premiums for its 720,000 members.
Cbus Super has concluded a competitive tender process for its Group Life Insurance offering to its 720,000 members with the Board approving a move to TAL Life Limited.
The competitive process has successfully delivered no premium increase for members.
“It will also preserve key terms and conditions ensuring insurance cover is accessible for the core membership and claims are assessed against fair and reasonable terms, while introducing a ‘professional’ scale of cover and access to TPD cover to age 70 for all members,” a statement from Cbus said.
More to come.
“..no premium increase ..” and ‘..preserve key terms …” very telling indeed, with TPD provisions trade off for cheaper pricing like other superannuation group pols.
I bet the members are not fully informed (or won’t understand the ramifications) of the changes, until they claim.
Can’t wait to see the terms and pricing…I have lots of tradies who are clients with this form of personal insurance cover. Its been reasonably easy to highlight the deficiencies of late so I’m looking forward to watching this unfold…