Understanding the Impact of Rising Premiums on Members
0
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
AustralianSuper, the nation's largest superannuation fund, has informed its members of impending increases in insurance premiums, set to take effect from May 30, 2026.
This development is particularly noteworthy for those holding life, total and permanent disability (TPD), and income protection insurance through their superannuation accounts.
Members can expect the following adjustments:
Life cover premiums will rise by 20%.
TPD cover premiums will see a substantial increase of 40%.
Premiums for optional income protection insurance will escalate by up to 38%.
These changes come amid a broader trend of rising insurance costs within the superannuation sector. CareSuper, another prominent fund, has also signalled upcoming premium increases starting in April 2026. The primary driver behind these hikes is a surge in claims, particularly in the TPD category, which has placed financial pressure on insurers.
For members, these increases translate to higher deductions from their superannuation balances to cover insurance costs. This scenario underscores the importance of regularly reviewing one's insurance coverage to ensure it aligns with individual needs and financial circumstances. Members are encouraged to assess whether their current level of cover is appropriate and to consider adjusting it if necessary to manage costs effectively.
In light of these developments, it's advisable for members to stay informed about any further communications from their superannuation funds and to seek professional financial advice if uncertain about the implications of these premium increases on their retirement savings.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
Victoria's construction industry is undergoing significant changes with the recent amendments to the Security of Payment Act (SOPA), which took effect on April 15, 2026. These reforms introduce new payment obligations and rights for builders and contractors, aiming to streamline payment processes and reduce disputes within the sector. - read more
Australia's construction sector is currently grappling with significant cost increases, driven by factors such as supply chain disruptions, inflation, and labor shortages. These escalating expenses are compelling builders and contractors to reevaluate their insurance coverage and risk management strategies to safeguard their projects and financial stability. - read more
In 2025, Australia's construction insurance market has entered a softer phase, characterized by decreasing premiums across various lines. This shift is largely attributed to increased competition among insurers, providing builders and contractors with opportunities to secure more favorable insurance terms. - read more
The National Roads and Motorists' Association (NRMA) has raised concerns about Australia's crude oil supply, identifying it as a significant challenge amid ongoing Middle East conflicts. This situation has potential implications for transport costs and motor insurance exposures in the coming months. - read more
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.
Web design and construction by:
Clark Family Pty Ltd
A.C.N. 010 281 008 Copyright 2004 - all
rights reserved
