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Superannuation
Hostplus freezes premiums

As life insurance premiums continue to soar, industry fund Hostplus has managed to negotiate a premium freeze for members.

The $48 billion super fund has secured a three-year freeze, which will maintain the current rate of death and total and permanent disability premiums with its group insurer MetLife.

A spokesperson for Hostplus confirmed the premium freeze was secured as part of the fund's recent three-year rate guarantee negotiation with MetLife. It will apply until June 2023.

The existing three-year premium rate with MetLife was due to expire when the new freeze was negotiated.

Hostplus appointed Metlife as group insurer in 2013, switching from ANZ's OnePath.

A number of super funds have had to increase insurance premiums recently after legislative changes including the Protecting Your Super and Putting Members' Interests First packages saw the pool of insured accounts decrease.

REI Super, Tasplan, legalsuper and Intrust Super all recently increased premiums on various types of cover.

In August, Hostplus increased the premiums on optional income protection insurance for a small pool of its members by 73.7%.

Read more: HostplusMetlifeREI SuperIntrust SuperOnePathTasplan
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