Changes to insurance premiums come into effect 1 November
Accumulation members of REI Super have received, either via email or in the post, a Significant Event Notice, informing them of changes to insurance premiums due to the introduction of Putting Members’ Interests First legislation in April.
Insurance premiums will increase for most types of cover, however the level of cover remains unchanged.
REI Super has negotiated strongly with our insurance partner, MetLife, on behalf of members to keep premium increases as low as possible while ensuring members have the same level of protection.
We understand, especially given the difficult year our members have faced, that such a change is disappointing. We do believe insurance inside super remains a good way of providing insurance cover for our members. You retain the choice to change or cancel your cover at any time so please consider what’s right for you both in the short and long term. Read our Insurance Guide for full details.
Members can also access free financial advice, including advice on their insurance, by contacting our Member Helpline on 1300 13 44 33.
As premiums are paid from your superannuation savings, your superannuation balance will reduce by the premium paid each year.
The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129 October 2020