MTAA Super and MetLife reduce default insurance pricing for younger members
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.
Sydney January 09, 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.
About MTAA Super
MTAA Super is a Canberra-based industry superannuation fund with over 230,000 members and $11 billion in funds under management. It was awarded the prestigious 2017 Medium Fund of the Year Award at the Conexus Financial Superannuation Awards.
MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing direct insurance programs for partners’ customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since 2005. For more information, visit www.metlife.com.au.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About this Document
This document is issued by MetLife Insurance Limited ABN 75 004 274 882 AFSL 238 096 (MetLife) and contains general information applying to members of MTAA Super. MTAA Super is issued by the Motor Trades Association of Australia Superannuation Fund Pty Limited ABN 14 008 650 628, AFSL 238 718 as the Trustee of the MTAA Superannuation Fund ABN 74 559 365 913.
The insurance cover for MTAA Super members is provided under a contract of insurance (Policy) between the Trustee and MetLife. The full terms and conditions contained in the Policy take precedence over this document.
This document has been prepared without taking into account your objectives, financial situation or needs. Please consult the MTAA Super Product Disclosure Statement available at https://mtaasuper.com.au/super-for-you/tools-and-resources/guides-and-handbooks when deciding whether to acquire or to continue to hold insurance cover under MTAA Super.
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