Working with CPS
What changes were introduced?
In summary, we:
• Changed the level of Death and TPD cover
• Reduced the premiums for Death and TPD cover (both unitised cover and fixed cover) for most members
• Increased the premiums for Income Protection insurance cover
• Changed the definitions for Total and Permanent Disablement and Terminal Illness.
Why did we change our insurance structure?
In 2017, Club Plus Super renegotiated its insurance contract with OnePath Life Limited for another 3 years. The approach with this restructure was to ensure our insurance offering was more sustainable and more affordable for the majority of
Why did the insurance changes take effect?
The revised insurance changes came into effect on 1 October 2017.
What are the benefits of the insurance changes?
We adjusted insurance levels to more closely align with member needs at certain ages. We also adjusted the insurance premiums to align with age groups to make our insurance offering more affordable and sustainable.
For more detailed information about the insurance changes, read the FAQs-Insurance Re-design fact sheet.