The primary driver behind this reduction is the improved historical claims experience among TelstraSuper's members, particularly older female members. Fiona LaGreca, TelstraSuper's Head of Insurance and Claims, emphasized the fund's commitment to providing affordable premiums, allowing members to allocate more funds towards their retirement while maintaining excellent coverage.
In addition to the reduction in income protection premiums, TelstraSuper has maintained competitive rates on default death and total & permanent disablement (TPD) insurance cover. These rates were negotiated with MLC Life Insurance in 2020, resulting in an 8% decrease, and are set to remain competitive until 30 June 2026.
For members, this development signifies enhanced value and affordability in their insurance coverage, reinforcing the importance of regularly reviewing superannuation and insurance arrangements to ensure they align with individual needs and financial goals.
