Nationwide Superannuation Fund (NSF Super) has chosen MetLife Insurance as its new insurance provider for the next three years.
The agreement includes annual contract premiums of about $8 million.
NSF Super previously used OnePath Insurance as its provider.
MetLife's policies and services will be offered to NSF Super members from 1 July.
"The contract with OnePath was to expire on 30 June, renewable each year, but we hadn't been to tender for quite some time so we decided to go to market, and the response we got from MetLife seemed to be the most attractive," NSF Super fund secretary Ian Morante said.
The new offering will include higher death and total and permanent disability (TPD) coverage, death and TPD through to age 70, extended income protection cover to age 65, higher maximum levels of cover, as well as TPD-only cover and higher cover for white-collar and professionals, both of which were previously unavailable.
In addition, the price of the unit has dropped from $1.50 per week to $1.00.
"Looking at the impact of that on the levels of cover overall, there's an increase in what we see is the value of $1 a premium for the level of cover our members will get," Morante said.
"MetLife is also putting a lot of effort into the application of new technology," he said.
