Equip Personal members, accounting for over half the fund’s 52,000 membership, were the greatest beneficiaries receiving premium reductions of 23 per cent for death and total and permanent disablement cover and a 17 per cent reduction on salary continuance cover.
Equipsuper chief executive Danielle Press said the reductions were the result of thorough examination of the fund’s member needs and behaviours in relation to insurance and Equip’s relationship with its primary underwriter Hannover Life Re of Australasia.
“To have reduced our premiums without having to compromise the overall features and benefits of our cover is an outstanding outcome for our members given the plethora of bad news on insurance premiums announced in recent months by other funds,” said Ms Press.
Ms Press said insurance is an important 'differentiator' for Equipsuper in the MySuper era and a valuable retention tool as members change jobs.
