News

2018 lifePLUS premium changes

Posted 29 May 2018 9:00am

lifePLUS cover premiums will change effective from 1 July 2018.  The new premium rates are set out in the Updated Premiums Table below.

Why the change?

We regularly review our insurance to make sure participating members are sufficiently protected and that the premium rates charged remain competitive and fair for the benefit provided.

Since the introduction of lifePLUS cover in 2016, superannuation funds have seen costs of insurance cover increase (some quite substantially). This increase is directly related to the increase in the number of claims. lifePLUS premiums need to accurately reflect the increasing cost of this cover. 

Benefits of insurance in super

Insurance through super still remains a cost effective way to hold insurance and although it is not something we like to think about, the unexpected does happen. So, making sure our members have access to insurance benefits in their time of need can make a difficult time a little easier. Depending on the cover held this could include continuing super contributions to a member’s account whilst they are off work.

Want to know more?

Detailed information about lifePLUS cover is set out in the Insurance and your PSSap Super Booklet, which forms part of the PSSap Product Disclosure Statement (PDS) and is available online at pssap.gov.au

Please note that at the date of this notice, the PDS and the Insurance and your PSSap Super Booklet reflect the current premium rates. The new premium rates for lifePLUS cover effective from 1st July 2018 are disclosed in the Updated Premiums Table below.

Call us on 1300 725 171 or email members@pssap.com.au if you want any more information.

Interested in applying for cover?

As a PSSap member, you have access to insurance that is designed exclusively for you. lifePLUS choice cover allows flexibility to customise your insurance.

Login to your PSSap online account and visit the LIFEapp insurance calculator to; assess your insurance needs, get a quote and apply for insurance.

You should consider the PDS and the Insurance and your PSSap Super Booklet before making any decision about whether to acquire lifePLUS insurance.

UPDATED PREMIUMS TABLE

INCOME PROTECTION PREMIUMS effective from 1 July 2018.

The cost of your cover will be based on your age at your most recent birthday and your level of cover, according to the following formula:

(Number of days in the month/365.25) x (monthly benefit/100 x Premium Rate)

For the purposes of this formula, the applicable Premium Rates are set out in the table below.

Benefit Period

2 Years

Benefit Period

5 Years

Waiting Period (days)

30

60

90

180

Waiting Period (days)

30

60 (default)

90

180

Current Age

       

Current Age

       

14

4.17

2.17

1.87

1.67

14

6.14

3.03

2.73

2.42

15

4.17

2.17

1.87

1.67

15

6.14

3.03

2.73

2.42

16

4.17

2.17

1.87

1.67

16

6.14

3.03

2.73

2.42

17

4.17

2.17

1.87

1.67

17

6.14

3.03

2.73

2.42

18

4.17

2.17

1.87

1.67

18

6.14

3.03

2.73

2.42

19

4.17

2.17

1.87

1.67

19

6.14

3.03

2.73

2.42

20

4.17

2.17

1.87

1.67

20

6.14

3.03

2.73

2.42

21

4.17

2.17

1.87

1.67

21

6.14

3.03

2.73

2.42

22

4.17

2.17

1.87

1.67

22

6.14

3.03

2.73

2.42

23

4.17

2.17

1.87

1.67

23

6.14

3.03

2.73

2.42

24

4.17

2.17

1.87

1.67

24

6.14

3.03

2.73

2.42

25

4.06

2.11

1.83

1.63

25

6.00

2.95

2.66

2.37

26

4.08

2.06

1.80

1.60

26

6.00

2.89

2.61

2.33

27

4.10

2.06

1.80

1.60

27

6.03

2.89

2.61

2.33

28

4.13

2.06

1.80

1.60

28

6.07

2.89

2.61

2.33

29

4.26

2.13

1.85

1.65

29

6.28

2.99

2.69

2.38

30

4.38

2.17

1.87

1.67

30

6.44

3.03

2.73

2.42

31

4.58

2.27

1.97

1.73

31

6.73

3.17

2.86

2.53

32

4.79

2.34

2.04

1.82

32

7.03

3.29

2.96

2.63

33

5.02

2.47

2.15

1.91

33

7.40

3.47

3.13

2.78

34

5.30

2.61

2.27

2.01

34

7.79

3.64

3.29

2.92

35

5.66

2.79

2.41

2.15

35

8.33

3.89

3.51

3.13

36

6.03

2.99

2.59

2.32

36

8.88

4.19

3.78

3.36

37

6.50

3.23

2.81

2.51

37

9.56

4.53

4.08

3.63

38

7.00

3.50

3.04

2.71

38

10.29

4.91

4.41

3.93

39

7.56

3.82

3.31

2.95

39

11.14

5.34

4.81

4.29

40

8.23

4.20

3.65

3.26

40

12.11

5.88

5.30

4.73

41

8.97

4.64

4.03

3.59

41

13.21

6.50

5.86

5.22

42

9.78

5.13

4.46

3.97

42

14.39

7.18

6.45

5.75

43

10.73

5.69

4.94

4.39

43

15.77

7.96

7.18

6.38

44

11.75

6.32

5.49

4.88

44

17.28

8.85

7.96

7.10

45

12.88

7.04

6.11

5.47

45

18.95

9.87

8.89

7.93

46

14.19

7.92

6.89

6.11

46

20.88

11.09

10.00

8.89

47

15.62

8.86

7.71

6.85

47

22.99

12.42

11.19

9.94

48

17.23

9.95

8.67

7.71

48

25.33

13.96

12.58

11.19

49

18.96

11.19

9.73

8.67

49

27.89

15.68

14.12

12.58

50

20.91

12.58

10.94

9.74

50

30.76

17.62

15.89

14.15

51

23.13

14.15

12.30

10.95

51

34.02

19.83

17.86

15.90

52

25.52

15.94

13.86

12.32

52

37.55

22.33

20.12

17.90

53

28.16

17.94

15.60

13.90

53

41.43

25.14

22.65

20.18

54

31.00

20.07

17.45

15.55

54

45.61

28.13

25.34

22.57

55

34.29

22.57

19.63

17.45

55

50.47

31.63

28.50

25.34

56

37.89

25.35

22.04

19.61

56

55.75

35.53

32.02

28.48

57

41.93

28.42

24.71

22.00

57

61.71

39.83

35.88

31.94

58

46.43

31.89

27.73

24.68

58

68.32

44.69

40.26

35.84

59

51.47

35.74

31.07

27.66

59

75.73

50.07

45.12

40.15

60

57.07

39.98

34.77

30.93

60

83.98

56.03

50.48

44.92

61

63.32

44.65

38.82

34.56

61

93.16

62.57

56.37

50.17

62

85.60

49.47

43.02

38.30

62

125.95

69.33

62.46

55.61

63

93.13

55.26

48.06

42.79

63

141.96

76.82

69.21

61.61

64

101.31

61.74

53.68

47.80

64

157.31

85.11

76.68

68.28

65

89.03

49.90

43.40

38.63

65

90.51

50.72

44.11

39.26

66

39.22

16.22

14.10

12.55

66

39.87

16.48

14.32

12.76

DEATH and TPD PREMIUMS effective from 1st July 2018

The cost of your cover will be based on your level of cover and current age, as outlined below.

For Death and TPD, premiums are expressed as annual rates per $1,000 of amount insured.

(Number of days in the month/365.25) x (Amount Insured/1000 x Premium Rate)

For the purposes of this formula, the applicable Premium Rates are set out in the table below.

Current Age

Death

TPD

14

0.71

0.07

15

0.71

0.07

16

0.74

0.04

17

0.74

0.04

18

0.76

0.01

19

0.74

0.04

20

0.74

0.04

21

0.73

0.05

22

0.73

0.05

23

0.69

0.12

24

0.67

0.13

25

0.66

0.15

26

0.62

0.20

27

0.61

0.21

28

0.61

0.21

29

0.61

0.29

30

0.60

0.32

31

0.60

0.35

32

0.60

0.41

33

0.61

0.48

34

0.64

0.52

35

0.66

0.56

36

0.69

0.64

37

0.73

0.71

38

0.78

0.81

39

0.83

0.89

40

0.89

0.97

41

0.97

1.08

42

1.02

1.22

43

1.11

1.41

44

1.23

1.57

45

1.33

1.80

46

1.45

2.07

47

1.58

2.40

48

1.70

2.73

49

1.84

3.08

50

1.99

3.50

51

2.14

3.97

52

2.32

4.50

53

2.47

5.04

54

2.65

5.66

55

2.85

6.32

56

3.06

7.06

57

3.26

7.92

58

3.57

8.52

59

3.89

9.17

60

4.24

9.89

61

4.65

10.62

62

5.04

11.48

63

5.48

12.62

64

6.84

12.79

65

10.77

8.93

66

10.87

11.08

67

11.28

13.03

68

11.48

15.49

69

11.82

18.02

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