Beware of Cheap Insurance with Australian Super – Not sustainable!
Australian Super has increased its premium rates again in 2014. The Total increase in GSC premium in last 2 years is 119%, which is more than double. Also the Death & TPD insurance premium has increased by 85% in last 2 years.
From 29 March 2014 the cost of insurance cover for most Australian Super members will increase.
A summary of the increases from 2013 to 2014 is included in the table below…
|Death & TPD||GSC|
|Overall increase in insurance premiums *||85%||119%|
|Increase in 2013||38%||25%|
|Increase in 2014||35%||75%|
*the total increase is based on a compound effect – for example, the 119% increase in GSC is based on a 75% increase on top of the 25% increase last year. This is why the total premiums are higher (than just adding 2013/2014 increases).