Chamber corporate partner, Spirit Super discusses insurance fee reduction.
We’ve reduced our insurance fees
With the rising cost of living impacting households around the country, we have some good news about insurance with Spirit Super!
We’ve negotiated a new 3-year rate guarantee with our insurer MetLife which will see our members benefit from a reduction in the insurance fees they pay.
As a profit-to-member fund, we are always looking for new ways to provide our members with low fees, competitive products, personalised service and affordable and flexible insurance options.
This new guarantee means a $51 million saving to our members over three years.
This saving will come from a reduction in fees for death cover and total and permanent disablement cover of between 14.2 per cent and 24.8 per cent, depending on the cover held, and a reduction of 7.7 per cent of insurance fees for income protection cover.
This reduction will take place from 5 March 2023.
It’s important to note that, although our insurance fees have reduced, the level of cover remains the same.
EXAMPLE: Changes to the cost of default A death and total and permanent disablement (TPD) cover
Natasha is 36 and has default A death and TPD cover with an occupation rating of Active A. The annual net cost of her cover will reduce as follows:
|
Default A cover
|
Cover amount
|
Prior to 5 March 2023
|
From 5 March 2023
|
|
Death
|
$203,100
|
$465.78
|
$390.63
|
|
TPD
|
$135,400
|
Natasha’s annual net insurance fee has reduced from $465.78 to $390.63, a saving of $75.15.
Want more information?
For more information about insurance options with Spirit Super, see our Insurance guide
This is general information only and doesn’t take into account your objectives, financial situation or needs. Before making a decision about Spirit Super, you should consider if this information is right for you and read our Product disclosure statements, Target market determinations and Financial services guide. These are available at spiritsuper.com.au/pds or by calling 1800 005 166.
Issuer is Motor Trades Association of Australia Superannuation Fund Pty Ltd (ABN 14 008 650 628, AFSL 238718), the trustee of Spirit Super (ABN 74 559 365 913). Any advice is provided by Quadrant First Pty Ltd (ABN 78 102 167 877, AFSL 284443) (Spirit Super Advice), which is wholly owned by the trustee.