Our priority is helping enhance your financial wellbeing for retirement, and offering products and services at competitive fees, including insurance premiums, is a key factor in achieving that goal. 

Accumulate Plus has some of the lowest insurance premiums among super funds in Australia, when compared to industry medians. (Source: SuperRatings)

Monthly premiums apply to all cover

Premiums apply for all insurance cover you have in Accumulate Plus, including default cover, cover you apply for and cover you transfer into Accumulate Plus from another eligible fund or policy. 

The amount you pay in premiums depend on your:

  • type of cover
  • amount of cover 
  • age – premium rates generally increase each year on the first due date after your birthday
  • sex
  • waiting and benefit payment periods (for salary continuance cover only)
  • any special circumstances that the insurer may apply to you when accepting an application for cover.

Premium rates are included in the applicable Reference Guide: Insurance cover, together with a formula to help estimate your annual premium.

Insurance premiums are deducted monthly from your Accumulate Plus account. If you have more than one investment option for your account, insurance premiums are deducted from each option in the same proportion as your balance.

Keep in mind that there are some circumstances in which your premiums may change automatically, even if you haven't requested a change to your cover. This may happen if:

  • You have Death & TPD cover based on a multiple of your notional salary, which is re-calculated monthly based on salary information that we receive from the Group. If your notional salary increases or decreases, both your level of insurance cover and your insurance premium increase or decrease accordingly.
  • If your employment arrangements with the Group change and default cover is automatically applied to your account in addition to any existing cover you have, your insurance premiums increase based on your new total amount of cover.

If there is not enough money in your account to cover your premium, your insurance cover may be cancelled; however, we’ll write you with some options to top up your account if needed.