Well, it’s true. From little things, big things grow. This week was no exception to that campaign when Australian Super announced they are increasing their industry funds insurance premium rates by a whopping 38% for Life and TPD insurance, and a further 25% increase on Salary Continuance (Income Protection) rates.
Australian Super has always talked about receiving the best increase on your super. I suppose now this tag line also applies to their insurance premiums. Whilst they are a solid and capable manager of superannuation, and we would not dispute the fact they have returned their members great value in the area of investment, many people have shyed away from getting advice because they have been told that advisers are the bad guys.
When it comes to receiving advice from an insurance adviser, nothing could be further from the truth. Protection acquired through an adviser such as one with Jarickson only have relationships with Life Insurance companies who are diligent in their calculations on risk premiums so a high increase such as seen here with the industry funds, cannot happen. We have seen some companies with slight increases in certain areas for particular age groups, but not a broad stroke such as this.
If you are with Australian Super, speak to one of our advisers HERE or call 1800 674 435 and we can run a simple comparison to your current protection under the new rates. Your premiums can still be paid from your superannuation, but as always (here comes the disclaimer), remember to read the Product Disclosure Statement and discuss with the adviser to see if the product is relevant for you.