I have just received a letter form ANZ re my life insurance that is linked to my super. The letter states that I now have improved TPI and insurance - the improvements are that I can now collect sooner if I have a terminal illness - instead of 12 months to live it will now payout if I have only 24 months to live. For this improvement my premiums have increased by over 150% and my husbands by about 120%. As I am nearly 60 the insurance will gradually diminish until at age 65 it will no longer pay me anything for disability. Naturally I am looking elsewhere but am feeling fairly disgusted and have asked for the justification of such a large increase as I do not see how anyone can justify a more than double increase of a premium.
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Depending on your personal circumstances you might do well to review whether you need the insurance at all. Common super insurances are disability, income protection, and life. It often stops making sense around 60-ish as the insured amounts start being reduced and/or we go to part time or retire.
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Thanks for sharing this info about the increased fees @tina. We’ve recently updated our superannutation buying guide, which might be useful for you.
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What makes me furious is that you were informed, not asked if you wanted it.
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