Spirit Super has announced a new 3-year premium rate guarantee with insurer Metlife, which will see members benefit from an immediate reduction in their insurance premiums.
Taking effect from 5th March 2023, the rate guarantee will result in a $51 million saving to members over 3 years, with insurance premiums to fall by up to 24.8%. Fees on death and TPD cover for members will reduce between 14.2% and 24.8%, depending on the cover held, and income protection cover fees will reduce by 7.7%
Spirit Super CEO, Jason Murray said “…at a time of high inflation and cost of living pressure I’m delighted to announce these reductions to our members.”
Murray made clear for members that while the super fund’s insurance fees have reduced, the level of cover remains the same: “…this is a genuine saving to members”.
