MTAA Super and MetLife reduce default insurance pricing for younger members
9 January 2018
MTAA Super and MetLife have announced lower default Life and Total and Permanent Disability insurance premiums, with a particular focus on the needs of younger members.
The move endeavours to balance adequate insurance protection with retirement outcomes for members who typically have a low super balance.
Under the changes, premiums for Life, and Total and Permanent Disability (TPD) cover for all members will reduce by 21% on average and up to 50% for young members, while the level of default cover for all members remains unchanged. Effective 28 October 2017, default insurance premiums for 16-21 year old members of the fund went from $4.82 per week to $2.89 per week.
Deanne Stewart, CEO, MetLife, commented: “Group insurance provides easy and effective protection for millions of Australians. By working closely with MTAA Super over the years, we have been able to gain an insight into the unique workplace coverage needs of motor industry professionals.”
MetLife was recently re-appointed by MTAA Super to provide appropriate and affordable group insurance for its members until 30 June 2020.
Leeanne Turner, MTAA Super CEO commented: “We have an ongoing commitment to our members to ensure that the Group insurance cover provided through MTAA Super is appropriate and affordable for their needs and as their needs change. We are very pleased that we have been able to work with MetLife to secure an outcome that benefits all of our members, while also addressing the particular issues associated with the provision of insurance for younger members.”
MetLife is also working with MTAA Super to drive greater integration with its administrator to reduce claims processing timeframes and deliver an improved member experience through teleclaims and paperless ID solutions.