Spectrum Super has enhanced its insurance offerings on its platform.
The changes include an increase in benefits and, at the same time, a decrease in premium rates of up to 18 per cent. Other enhancements include the increase of maximum death benefit levels from $2 million to $5 million.
The maximum benefit level for total and permanent disability coverage (TPD) has been raised to $2.5 million.
Spectrum Super has also introduced a terminal illness benefit, where if an insured member has been diagnosed as terminally ill, the insurer may release the death benefit early, subject to certain conditions.
Death cover has been extended to age 70 for existing members where previously it was 65.
The cessation age for TPD coverage remains at 65. In addition, automatic acceptance levels for corporate group insurance arrangements have been increased.
Existing premium rates have been reduced, with salary continuance insurance now up to 18 per cent cheaper for members and premiums for death and TPD insurance cover reduced by up to 7.5 per cent.
Spectrum Super, along with its insurance partner, Tower, made the changes to the offering following a review of its insurance arrangements.
