Australian Retirement Trust group insurance costs increase

Australian Retirement Trust (ART) super fund has revealed that it will be increasing insurance premiums for its members. Male members can expect an average increase of 26.6% in standard death and TPD Assist premiums, while female members will see a 28.2% increase in death and TPD premiums. Those with optional income protection cover will also face an additional 15.9% payment.

These premium increases are a result of a higher number of claims lodged by members in recent years.

ART emphasised its commitment to supporting members and ensuring their financial security and gave assurance that they have sought the best possible outcome with its group insurer. These price increases however, are often coupled with reduced amounts of cover.

When funds like ART reduce the amount of cover provided to members, it reduces the safeguard measures and protection members intended to have for their families during crucial times.

This resulting vulnerability for members highlights the importance of having tailored insurance advice and bespoke, underwritten policies like those our Advisers recommend to our clients.

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