Superannuation fund, Equip is changing its insurance offerings for members from 1 October, 2020, which will see some premium payments increase.
Equip said the changes were varied and other would have significant reductions in premiums with a mixture of changes to their cover. Members would also be able to tailor their insurance cover.
The fund said the average increase for those that would see one was 30%, or around $10 a month, and overall total premiums received by the fund would rise 2% once changes were made to the levels of insurance.
Equip chief member officer, Tania Cumming, said that while some members would experience an increase in premiums the changes had been developed to focus on long-term needs.
“In designing these changes, we have undertaken a significant review to develop a deep member led understanding of their needs now and into the future,” Cumming said.
“Key to getting this right is working to ensure that our insurance products align to members’ lifestyles and financial aspirations as well as offering long-term value, rather than short-term changes. It is important that we take a balanced approach that is both affordable and sustainable.”
Cumming noted that members were encouraged to engage with the fund to tailor their insurance to reflect their personal situation.
Members had the ability to fix their cover at current levels, change levels and opt out or decouple their death and total and permanent disability cover.