With the appointment of AIA Australia as the plan's insurer, the automatic death and total and permanent disability cover for members of employer default funds has been increased across all age groups, while premium rates have been discounted by up to 40 per cent.
Other changes designed to enable both individual and employer default fund members to readily tailor their insurance to suit their needs include the ability to transfer existing cover without risk assessment and salary continuance cover with flexible waiting and benefit periods. Members will also have the automatic right to increase their cover when certain life events occur, including marriage, divorce, giving birth or adopting a child, or when their salary increases by over $10,000 a year.
