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Insurance Changes

The Federal Government’s Protecting Your Super Package legislation came into effect on 1 July 2019. One of the aims of the Protecting Your Super package is to protect inactive superannuation accounts from being eroded by insurance premiums for unwanted or unneeded cover. However, it also has meant that insurance companies that provide group insurance cover for super funds have needed to review the cost of providing this cover, and unfortunately this has resulted in higher insurance premiums across the superannuation industry.

We have worked with our insurer, TAL Life Limited, to minimise the increase in premiums for our members, and the increase for LGS members is lower than that being experienced by many other super funds.

As a result of this review, insurance premiums for the following will increase by 7% for:

  • Basic Death and Basic Total and Permanent Disablement (TPD) Cover,
  • Voluntary Death only insurance,
  • Voluntary Death and Total and Permanent Disability (TPD) insurance,
  • Additional Basic Cover insurance (this cover is no longer available to apply for).

Salary Continuance Insurance (SCI) premiums will not be increasing.

Basic Cover

On 1 October 2019, your Basic Insurance Cover premium rates will increase by 7% with the new rates shown below.

The cost of your Basic Insurance Cover depends on how many units of Basic Death and Basic TPD you hold and your gender. Please see the LGS Accumulation Scheme PDS for information on your cover.

Premiums as at 1 October 2019 (per unit of cover per month)

 DeathTotal and Permanent Disability
Male $0.914 $0.475
Female $0.704 $0.592

An insurance Administration fee of 1.5% is included in the premium rates. The rates are net of any other fees, taxes or allowances. No commissions are received by LGS.

Voluntary Cover

From 1 October 2019, premiums for Death and TPD will increase by 7%.

Salary Continuance premiums will not increase.

Death Only and Death & TPD rates

The annual Death Only and Death & TPD Base Premium rates are per $1,000 sum insured and are based on the Insured person’s age next birthday.

Please enter your age:

 Death onlyDeath & Total and
Permanent Disablement
Age Next
Birthday
Male Female Male Female
16 0.62 0.3 0.69 0.34
17 0.71 0.3 0.82 0.34
18 0.79 0.3 0.91 0.36
19 0.83 0.28 0.98 0.35
20 0.84 0.28 1.02 0.33
21 0.84 0.28 1.03 0.34
22 0.83 0.28 1.03 0.32
23 0.8 0.28 1.01 0.34
24 0.77 0.26 0.99 0.33
25 0.73 0.26 0.96 0.33
26 0.69 0.24 0.91 0.32
27 0.65 0.23 0.88 0.31
28 0.61 0.23 0.84 0.33
29 0.58 0.22 0.81 0.34
30 0.55 0.22 0.77 0.36
31 0.53 0.23 0.76 0.39
32 0.51 0.24 0.74 0.44
33 0.57 0.25 0.81 0.5
34 0.57 0.28 0.84 0.57
35 0.59 0.3 0.88 0.64
36 0.61 0.34 0.94 0.72
37 0.64 0.37 1.02 0.81
38 0.67 0.42 1.09 0.93
39 0.73 0.47 1.24 1.06
40 0.79 0.53 1.38 1.2
41 0.86 0.59 1.57 1.35
42 0.95 0.65 1.75 1.52
43 1.03 0.72 1.92 1.69
44 1.13 0.8 2.09 1.89
45 1.25 0.87 2.31 2.02
46 1.35 0.96 2.51 2.23
47 1.49 1.06 2.98 2.51
48 1.62 1.14 3.24 2.75
49 1.76 1.23 3.59 3.03
50 1.92 1.34 3.89 3.45
51 2.07 1.44 4.32 3.79
52 2.24 1.55 4.77 4.16
53 2.43 1.66 5.23 4.4
54 2.62 1.76 5.73 4.91
55 2.83 1.88 6.41 5.28
56 3.05 2 6.92 5.69
57 3.28 2.12 7.44 6.14
58 3.54 2.25 8.23 6.64
59 3.8 2.39 9.69 7.35
60 4.1 2.52 10.6 8.43
61 4.42 2.66 11.49 9.33
62 4.77 2.81 12.28 11.15
63 5.16 2.95 13.5 12.46
64 5.58 3.12 14.79 13.31
65 6.04 3.28 16.44 14.16
66 5.96 3.17 12.63 9.57
67 6.37 3.32 14.01 10.82
68 6.77 3.48 16.07 12.23
69 7.18 3.63 18.13 13.82
70 7.59 3.78 20.06 15.63
71 8.29 4.25 23.09 17.67

An insurance Administration fee of 1.5% is included in the premium rates. The rates are net of any other fees, taxes or allowances. No commissions are received by LGS.
Occupation Factors and loadings may affect the amount that you pay.

If you’d like to see what your Voluntary insurance cover will cost you can use our Voluntary insurance quote calculator.

Note: the Insurance quote calculator does not take into account any loading you may have on your insurance and should be read as a guide only.

Additional Basic Cover

If you have Additional Basic Cover, the annual premium rates from 1 October 2019 will increase by 7%. Rates are per $1,000 sum insured and are based on the Insured person’s age next birthday.

Please enter your age:

 Death onlyDeath & Total and
Permanent Disablement
Age Next
Birthday
Male Female Male Female
16 0.45 0.244 0.063 0.083
17 0.45 0.244 0.063 0.083
18 0.45 0.244 0.063 0.083
19 0.45 0.225 0.062 0.083
20 0.45 0.225 0.063 0.083
21 0.45 0.225 0.063 0.083
22 0.45 0.225 0.063 0.083
23 0.45 0.225 0.063 0.083
24 0.469 0.244 0.063 0.083
25 0.49 0.244 0.063 0.083
26 0.506 0.263 0.075 0.075
27 0.525 0.281 0.075 0.075
28 0.526 0.281 0.094 0.094
29 0.525 0.299 0.113 0.112
30 0.525 0.318 0.131 0.131
31 0.539 0.347 0.15 0.15
32 0.559 0.367 0.186 0.188
33 0.578 0.385 0.204 0.243
34 0.617 0.403 0.224 0.295
35 0.657 0.441 0.244 0.352
36 0.71 0.459 0.279 0.423
37 0.771 0.519 0.321 0.482
38 0.829 0.553 0.355 0.547
39 0.882 0.608 0.424 0.616
40 0.941 0.665 0.498 0.687
41 1.004 0.725 0.597 0.768
42 1.067 0.803 0.671 0.842
43 1.162 0.859 0.747 0.918
44 1.269 0.915 0.809 1.003
45 1.385 0.977 0.89 1.06
46 1.548 1.069 0.973 1.174
47 1.698 1.192 1.064 1.341
48 1.814 1.314 1.149 1.488
49 1.94 1.457 1.277 1.655
50 2.082 1.687 1.403 1.94
51 2.28 1.904 1.59 2.168
52 2.452 2.117 1.754 2.408
53 2.65 2.306 1.951 2.527
54 2.88 2.526 2.202 2.906
55 3.121 2.703 2.54 3.131
56 3.407 2.96 2.747 3.401
57 3.771 3.176 2.95 3.708
58 4.26 3.417 3.607 4.052
59 4.952 3.783 4.177 4.579
60 5.576 4.199 4.998 5.457
61 5.843 4.627 5.433 6.154
62 6.917 5.593 6.925 7.695
63 7.486 6.423 7.698 9.678
64 8.463 6.787 9.245 10.537
65 9.257 7.52 9.597 11.999
66 10.958 9.424 11.579 16.468
67 12.375 10.476 12.942 19.207
68 15.726 11.909 17.526 22.133
69 17.453 12.685 17.828 25.19
70 20.191 14.14 21.608 24.757

An insurance Administration fee of 1.5% is included in the premium rates. The rates are net of any other fees, taxes or allowances. No commissions are received by LGS.