Members of industry superannuation fund Asset Super are set to see fixed cover premiums slashed following a significant upgrade to their life insurance cover provided by MLC.
Fixed cover premiums will be reduced by 2.5 per cent while the sum insured for death and total and permanent disablement (TPD) units will be boosted by 2.5 per cent at no extra cost, MLC said.
Additionally, automatic life stage cover will increase at age 23 and again at age 28 for eligible members.
"The benefit upgrade was designed to match more closely the protection needs of members at various life stages and counter the problem of underinsurance," MLC said.
"This is the third upgrade that MLC has implemented with Asset Super in three years. Benefits per unit of cover have increased by up to 20 per cent since 2006."
MLC Group Insurance has grown by 37 per cent in the 12 months to September 2009 and now manages over $240 million in insurance premium policies for industry funds, master trusts and corporate clients.
MLC is owned by National Australia Bank, the country's third-biggest lender by market value.
Asset Super looks after over $1.1 billion for over 100,000 members.
