Letter to members regarding new insurance cover premium rates
Letter to members regarding new insurance cover premium rates from 9 May 2013.
Select your scheme
- ADF Super
- CSS
- DFRDB
- MilitarySuper
- PSS
- PSSap
A letter regarding PSS insurance cover premium rates is being mailed to PSS members from 14 February 2018. The text of the letter is as follows.
Important notice about your Additional Death & Invalidity Cover (ADIC)
Your ADIC premiums will increase from 22 March 2018.
Here are the details of your new premiums:
| Age last birthday
|
Current ADIC amount
|
Current total fortnightly premium
|
New total fortnightly premium
|
New Employer fortnightly component
|
Your fortnightly component
|
|---|---|---|---|---|---|
| This information is effective 23 January 2018. If your birthday is between 23 January 2018 and 22 March 2018, the above amounts will change on completion of your birthday review. | |||||
| Individual Information
|
Individual Information
|
Individual Information
|
Individual Information
|
Individual Information
|
Individual Information
|
You can see the new premium rate tables at pss.gov.au/premiums
Why the change?
We regularly review our insurance to make sure participating members are sufficiently protected and that the premium rates charged remain competitive and fair.
Since the last premium review in 2016, superannuation funds have seen costs of insurance cover increase (some quite substantially).This increase is directly related to the increase in the number of claims. ADIC premiums need to accurately reflect the increasing cost of this cover.
You don’t need to take any action
Insurance through super still remains a cost effective way to hold insurance and your employer will continue to pay half of the standard premium of your ADIC for as long as you are eligible. The new premium will be reflected from payday 22 March 2018. You should check with your payroll area if this does not occur.
Need more information?
Please contact us on 1300 000 377 or email us at members@pss.gov.au
We are here to help
The CSC Team
14 February 2018
ADIC premium rates from 22 March 2018
| PSS ADIC Rates from 22nd March 2018 | |
|---|---|
| Age Last Birthday | Annual cost of additional benefit cover per $1000 cover |
|
15 |
0.21 |
|
16 |
0.24 |
|
17 |
0.29 |
|
18 |
0.33 |
|
19 |
0.38 |
|
20 |
0.38 |
|
21 |
0.40 |
|
22 |
0.39 |
|
23 |
0.41 |
|
24 |
0.42 |
|
25 |
0.41 |
|
26 |
0.42 |
|
27 |
0.45 |
|
28 |
0.46 |
|
29 |
0.49 |
|
30 |
0.50 |
|
31 |
0.54 |
|
32 |
0.55 |
|
33 |
0.59 |
|
34 |
0.66 |
|
35 |
0.73 |
|
36 |
0.80 |
|
37 |
0.89 |
|
38 |
0.98 |
|
39 |
1.09 |
|
40 |
1.18 |
|
41 |
1.30 |
|
42 |
1.45 |
|
43 |
1.66 |
|
44 |
1.89 |
|
45 |
2.14 |
|
46 |
2.45 |
|
47 |
2.80 |
|
48 |
3.19 |
|
49 |
3.61 |
|
50 |
4.08 |
|
51 |
4.62 |
|
52 |
5.26 |
|
53 |
5.90 |
|
54 |
6.64 |
|
55 |
7.43 |
|
56 |
8.31 |
|
57 |
9.36 |
|
58 |
10.09 |
|
59 |
10.91 |