GESB to roll out premium changes

GESB is making a range of changes to its group insurance offering, reducing some premium rates and implementing premium waivers for some members.

From July 1, certain types of insurance will see premium reductions; GESB offers death, TPD and salary continuance insurance.

Premiums for death cover will be reduced.

For a 40-year-old male with death cover only, his premiums will reduce from 0.69c to 0.64c per $1000 of cover. A woman of the same age and with the same cover will pay 0.57c instead of 0.61c.

Meantime, premiums for TPD cover will either increase or remain as is, depending on members' individual circumstances.

A 40-year-old male with TPD only will now pay 0.99c per $1000 amount insured, up from 0.93c. A woman of the same age with the same cover will now pay 0.90c compared to 0.85c pre-July 1.

For members with both types of cover, the increase will be slight.

A 40-year-old male will pay $1.63 per $1000 amount insured, up from $1.62. A woman of the same age will pay $1.47 versus $1.46.

Members with salary continuance insurance will also benefit from a reduction, GESB said.

A 40-year-old male will pay $28.94 instead of $29.45, while a female of the same age will pay $36.54 instead of $37.19.

Meanwhile, GESB and West State Super will begin waiving premiums for members taking unpaid parental leave. The waiver will apply from the commencement of the members' unpaid parental leave until their return to work date or for up to 12 months.

The funds will also waive premiums for members following the payment of a financial hardship early release claim for up to 12 months. The waiver can only be applied once and the members' account must have a balance greater than zero following the withdrawal.

GESB's group insurer is AIA Australia.