UniSuper selects new group insurerBY JAMIE WILLIAMSON | WEDNESDAY, 17 APR 2024 12:50PMAfter more than a decade in business, UniSuper has dropped TAL as its group insurer. The $135 billion superannuation fund has called time on its relationship with TAL, which began in November 2013. Effective June 1, MetLife will serve as group insurer to UniSuper, with members to benefit from an enhanced offering, the fund said. UniSuper said its default insurance offering has been improved to provide greater death and total and permanent disablement (TPD) cover at the life stages members most likely need it and less cover when they're younger; "Think of it as a curve that rises and falls according to your age - providing a level of basic protection for each phase of your life..."
At the same time, UniSuper is adjusting its premiums based on the likelihood of claims at different ages and also introduced the rates based on members' sex at birth, explaining that males are more likely to claim on death and TPD, while women are more likely to make income protection claims. As it stands, members' cover changes each year while their premiums stay the same. From June, both cover and premiums will change each year. UniSuper said premiums will be more equitable and members will get better value from their cover due to new terms and conditions. The new arrangement with MetLife also includes access to the 360Health program for both UniSuper members and their immediate family members. UniSuper chief executive Peter Chun said he's delighted to be offering members an improved insurance experience. "At UniSuper, we have a duty to ensure our members have the best protection for them and their families. The transition to MetLife allows us to better support our members during some of life's most challenging moments. UniSuper is committed to excellence in all of our offerings, and insurance is no exception," he said. Equally, MetLife Australia chief executive Richard Nunn said he is thrilled to be partnering with UniSuper. "The strength of our digital offering, customer focused approach and values alignment means we are able to deliver what really matters to their members," he said. "Both organisations understand the value of helping people build a more confident future and we look forward to delivering outstanding experiences for UniSuper members." UniSuper said it paid $183 million in claims to 2661 members in the three years to June 2023. Related News |
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