Powered by MOMENTUM MEDIA

Hostplus drops insurance premiums

Reporter
— 1 minute read

Industry fund Hostplus has negotiated a 3 per cent decrease in premiums for its death and total and permanent disability products (TPD) with its provider MetLife.

According to the industry fund – which caters to employees within the hospitality, tourism, recreation and sport industries – the changes to the death and TPD premiums will come into effect on 26 September 2015.

“Our new look insurance product will provide members with greater flexibility to tailor insurance cover to best suit their needs,” Hostplus chief executive David Elia said.

Advertisement
Advertisement

“Hostplus is proud to offer a three per cent reduction in premiums to members while maintaining our current TPD definitions, at a time when many other insurance providers are increasing premiums or tightening definitions and exclusions.

“The other good news is that our death insurance cover has been extended from age 65 to 70, which means our members will be covered for longer," he said. 

The industry fund has also made changes to its insurance product design to provide members with a “greater degree of control and flexibility of their insurance cover, following a recent renewal of its strategic partnership with global life insurance provider MetLife," a statement from Hostplus said.

There will be no changes to fixed insurance or salary continuance cover or premiums charges, the statement said.

 

Hostplus drops insurance premiums
investordaily image
ID logo

related articles

  • APRA vows super accountability

    APRA has warned super funds to pick up their act as industry bodies rally against the new Financial Accountability Regime (FAR). ...

  • Albanese vows super increase

    Labor leader Anthony Albanese has vowed to increase the super guarantee while blasting Treasurer Josh Frydenberg for his comments on older A...

  • Drought hits retiree living costs: ASFA

    The drought has steepened living costs and its effects will linger, according to new data from the Association of Superannuation Funds of Au...

promoted stories

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.