POWERED BY MOMENTUM MEDIA
Equip changes insurance offerings
Superannuation fund, Equip is changing its insurance offerings for members from 1 October, 2020, which will see some premium payments increase.
Equip said the changes were varied and other would have significant reductions in premiums with a mixture of changes to their cover. Members would also be able to tailor their insurance cover.
The fund said the average increase for those that would see one was 30%, or around $10 a month, and overall total premiums received by the fund would rise 2% once changes were made to the levels of insurance.
Equip chief member officer, Tania Cumming, said that while some members would experience an increase in premiums the changes had been developed to focus on long-term needs.
“In designing these changes, we have undertaken a significant review to develop a deep member led understanding of their needs now and into the future,” Cumming said.
“Key to getting this right is working to ensure that our insurance products align to members’ lifestyles and financial aspirations as well as offering long-term value, rather than short-term changes. It is important that we take a balanced approach that is both affordable and sustainable.”
Cumming noted that members were encouraged to engage with the fund to tailor their insurance to reflect their personal situation.
Members had the ability to fix their cover at current levels, change levels and opt out or decouple their death and total and permanent disability cover.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
