We’ve reduced our insurance fees
With the rising cost of living impacting households around the country, we have some good news about your 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% and 24.8%, depending on the cover held, and a reduction of 7.7% of insurance fees for income protection cover.
This reduction will take place from 5 March 2023.
It’s important to note that, although your 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|
Natasha’s annual net insurance fee has reduced from $465.78 to $390.63, a saving of $75.15.
To review your insurance and see your new reduced insurance fees with Spirit Super, log in to Member Online.
Did you know that updating your occupation rating could reduce your insurance fees?
The cost you pay for your insurance will depend on your occupation rating. Your occupation rating is based on the type of work you do. Generally, the riskier your job, the more you pay for insurance.
There are three occupation ratings.
The Active occupation rating is our default rating and will automatically be applied to your cover when it commences. This occupation rating is specifically for workers in non-office environments and manual roles. Workers in this category pay the most for cover as they tend to work in ‘riskier’ jobs and workplaces.
Unless you apply for the Office or Professional rating, the Active scale will remain as your occupation rating.
To learn more about occupation ratings including eligibility requirements, see our Insurance guide.
To view your current occupation rating, log in to Member Online and go to Insurance.
If you’d like to apply to update your occupation rating, go to Manage your insurance > Update your occupation rating.
Want more information?
For more information about your insurance options with Spirit Super, see our Insurance guide.
Review your insurance
Insurance is an essential part of any financial plan because it protects you and your family in the event of your unexpected death or disablement. You can review your insurance with Spirit Super by logging in to Member Online.