While the cost of many things in life is going up, we’re pleased to say that your insurance cover with Club Super isn’t one of them.
Recent changes in legislation have meant that many superannuation funds are currently renegotiating their insurance arrangements which is resulting in fee increases.
The great news for Club Super members is that your insurance fees will change in the following way:
- From 1 July 2019, fees for SalarySafe (Club Super’s Income Protection) will decrease. This fee decrease will not affect the benefit payable in the event that you make a claim.
|Current rate - % of SG Contributions||10.16%*|
|New rate - % of SG Contributions||9.17%*|
* For members on a 28 day waiting period.
All waiting periods have received a decrease. Further information will be available in the Additional Information - Insurance in your super document available in July 2019.
- Death and Total and Permanent Disablement (TPD) insurance fees will remain the same with no changes to the benefit payable in the event that you make a claim.
Have you reviewed your insurance cover recently?
Insurance cover provides you and your family with valuable protection in the event you pass away or are unable to work either temporarily or permanently. Therefore, it’s important to regularly review your cover to ensure it suits your current situation. The YourSuperFuture Advice Tool available through Member Online can help you to work out the level of cover that you need in just a few simple steps.1
To check your insurance cover, simply log in to Member Online or call the Club Super Client Contact Centre on 1300 369 330.
1 YourSuperFuture advice is provided by My Super Future Pty Ltd (ABN 38 122 977 888) Australian Financial Services Licensee (AFSL no. 411440) and is authorised to provide personal financial advice. The Trustee Club Super (ABN 12 737 334 298) is not responsible for, and does not accept liability for the products or services or actions of My Super Future Pty Ltd. You should use your own judgement before taking up any product or service offered by My Super Future Pty Ltd.