On 30 May 2020, the cost of insurance cover increased. How much more you pay depends on the type of cover you have.

Why has the cost of cover gone up?

Every year we review our insurance cost, the cover we offer and claims made and paid to make sure we’ve got you covered – with low costs* and high claims acceptance rates†.

This year we’ve received more claims from members for larger claim amounts and we’ve accepted a greater proportion of these claims. So, while you can continue to rely on your insurance cover in your time of need, the rise in claims means the cost of cover needed to increase.

Depending on the cover you have, the cost increase varies. This way, you still only pay for what it costs us to provide your cover. On average the increased cost of insurance for a member with basic cover (and a Standard work rating) ranges from $0.20 per week at age 25 to $2.95 per week at age 64.

History of member price changes (AustralianSuper Plan)

The below table shows a history of increases and decreases (on average) to the cost of insurance cover for AustralianSuper Plan members since November 2006.