After negotiations with current insurance provider CommInsure, AustralianSuper will now offer all current and new members an increased automatic acceptance limit (AAL) to $800,000 for death and total and permanent disablement insurance.
The fund has also increased the AALs for income protection for up to 20 units, or $10,000 per month, to a maximum of 85 per cent of salary.
“We did a full competitor analysis and went back to our insurer and asked them to sharpen up the current offer and they did, which was great. So now our members get more coverage for no more money,” an AustralianSuper spokesperson said.
Within 10 days of its launch, more than 350 Finsuper division members had taken up the new insurance offer.
