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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…

australian-super-increase-premium

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).

 

 


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