Payment frequency

If you pay your premiums monthly, quarterly or half-yearly you may be eligible for a discount by changing to annual payments.

Things to consider

Before switching to annual payments, think about how you prefer to manage your finances. Can you afford to pay an annual lump sum amount in order to receive a discount? Or do smaller, regular payments suit your cashflow better?

Changing to annual payments could reduce your premiums by 8.3%*.

*Any reduction in premium will depend on a range of factors including the product you hold and when you began your cover. A premium reduction will not apply to all products.

Health and medical premium loadings (if applicable)

When you started your policy, your health and smoker status may have led to certain loadings on your cover, and higher premiums.

Things to consider

Has your health improved since the start of your policy? If so, you can ask us to review any medical premium loadings currently included on your policy. You will need to apply and go through underwriting, so we can assess whether any premium loadings can be reduced.

Have you quit smoking since taking out your policy and not smoked at all in the past 12 months? Let us know if so, as that may have an impact on your premiums too.

Apply to update your current occupation

High risk occupations (for example, operating heavy machinery or working at a construction site) often mean higher Total and Permanent Disablement (TPD) and Income Protection (IP) premiums.

Things to consider

Have you changed to a significantly lower-risk role? For example, have you changed from a blue collar or manual occupation to a white collar or office role? You will need to apply and go through underwriting, so we can assess whether your occupation change could reduce your premiums*.

Call us or speak to your adviser about whether this is relevant and appropriate for you.

*Any reduction in premium will depend on a range of factors including the change to your occupation, the product you hold and when you began your cover. 

Automatic CPI increases

To help the value of your benefits keep up with the cost of living, we automatically increase the amount of certain benefits each year on your review date in line with Consumer Price Index (CPI). This means that each year, your cover amount may increase to keep up with inflation. And as your cover amount increases, your premiums will too.

CPI increases are optional: generally, you can choose to turn this feature off at any time (permanently or temporarily) if it’s currently applied to your policy and reduce your premiums in the future.

Things to consider

Consider your individual circumstances and speak to your adviser about what your needs may be in the years ahead and whether your current benefit amount reflects those needs now and later.

For example, declining a 7%* automatic indexation increase could reduce your premiums by a similar amount

*Any reduction in premium will depend on a range of factors including the type of benefit(s) you are covered for, cover amount and your premium structure. CPI means the percentage increase in the Consumer Price Index (‘weighted average of eight capital cities combined’) as published by the Australian Bureau of Statistics or its successor over the 12 month period ending 31 March each year. The CPI will apply for the subsequent year commencing 1 October. CPI as of October 2023 is 7% and is subject to change. Based on premium rates as at 1 August 2023. 

Change your sum insured 

Your sum insured affects how much you pay in premiums. Consider your personal circumstances; if you no longer require your current level of cover, you may wish to reduce it and therefore reduce your premiums.

Things to consider

Have things in your life changed since you started your policy? For example, if you’re no longer paying school fees or a big mortgage, your financial needs may have changed.

If you wish to increase your cover amount in the future, it will be subject to underwriting and our approval.

Think about whether reducing your cover will impact other aspects of your financial plan — you may want to speak to your financial adviser before making any changes.

As an example, reducing your cover amount by 10% could also reduce your premiums by a similar amount*.

*Any reduction in premium will depend on a range of factors including your premium structure and cover amount. Based on premium rates as at 1 August 2023.

Suspend premium payments temporarily

If your policy has been in force for at least 6 months, with all the premiums paid you may be eligible to temporarily suspend your policy. We will allow you to suspend your Policy once in any 12 month period for a maximum of 12 months in total over the duration of the Policy in certain circumstances of financial hardship:

• due to unemployment, 
  

• being on sabbatical or long term leave from work, 
  

• maternity and paternity leave, or
  

• if your household income for the last three months reducing by 30% or more (as compared to the household income over the preceding three month period). 

You should refer to your product terms, check eligibility criteria* or give us a call to see if this option is available to you.

Things to consider

Even though suspending premium payments means you stop paying premiums, you are not covered and cannot make a claim for anything that occurs or symptoms that develop while your cover has been suspended. 

*Eligibility criteria may apply. You should refer to your product terms for more information or give us a call. 

Adjust your TPD Insurance definition (for example from Own Occupation TPD to Any Occupation TPD)

Total and Permanent Disablement insurance (TPD) typically includes:

• an 'Any Occupation TPD' definition, which generally means you can make a claim if you’re totally and permanently disabled and unable to work in any occupation that suits your education and training (refer to your product terms for more information); or

• an 'Own Occupation TPD' definition, which generally means you can make a claim if you’re totally and permanently disabled and unable to work in your own occupation, and usually has higher premium rates (refer to your product terms for more information).

Things to consider

If you change from Own Occupation TPD to Any Occupation TPD , changing back to Own Occupation TPD, will be subject to underwriting and our acceptance.

You should speak to your adviser about which TPD definition currently applies to your policy and whether that’s still the best fit for you and your family.

Changing from Own Occupation TPD to an Any Occupation TPD definition could reduce your TPD premiums by up to 28%*.

*Any reduction in premium will depend on a range of factors including the product you hold and when you began your cover. Based on premium rates as at 1 August 2023.

Switch your Living Insurance cover from Living Plus to Living, if relevant

Living Insurance Plus covers a more comprehensive list of specified medical events, in addition to those covered under the Living Benefit, but these do come at an extra cost.

Things to consider

If you change your Living Plus Cover to Living Cover and later decide to change it back again, it will be subject to underwriting and eligibility requirements*.

*Eligibility criteria may apply. You should refer to your product terms for more information or give us a call. 

Remove any optional benefits 

Removing any optional benefits attached to your TPD or Living benefit – such as TPD Buy Back, Double TPD, Living Reinstatement or Waiver of Life Premium, – will help reduce your premiums. These benefits provide additional protection at claim time, but they come with a higher cost. 

Things to consider

If you decide to add back any optional benefits in future, they will be subject to underwriting and eligibility requirements*.

*Eligibility criteria may apply. You should refer to your product terms for more information or give us a call. 

Change cover from Income Protection Plus to Income Protection

Income Protection Plus offers more comprehensive cover by offering a number of extra benefits such as Specified Injury, Crisis Benefit, Waiver of IP Premium or Child Care Benefit. However, these do come at an additional cost. 

Things to consider

If you change your Income Protection Plus cover to Income Protection cover and later decide to change it back again, it will be subject to underwriting and eligibility requirements*.

*Eligibility criteria may apply. You should refer to your product terms for more information or give us a call. 

Remove optional Accident Benefit if included in your policy

Your policy may have an optional Accident Benefit included. The optional Accident Benefit pays a benefit if the Insured Person is totally disabled for a specified number of days during the waiting period due to an accidental injury. 

Things to consider

Taking up optional Accident Benefit in future will be subject to underwriting and eligibility requirements*.

*Eligibility criteria may apply. You should refer to your product terms for more information or give us a call. Based on premium rates as at 1 August 2023.

Change cover from Agreed Value to Indemnity~

Your cover may be set for a specific amount, known as Agreed Value. An Agreed Value is based on your income at the time the policy commenced and stays the same even if your income changes later. Agreed Value Cover is more expensive than Indemnity cover which uses your income at the time of claim to calculate your benefit.       

Things to consider

If you change your cover from Agreed Value to Indemnity, you will not be able to change it back in the future. Agreed value policies are no longer available for purchase under a new policy or as an addition of a new benefit under an existing policy. Indemnity policies cannot be altered to an Agreed Value policy.

Switching from Agreed Value to Indemnity could reduce your Income Protection premiums by up to 34%*.

*Any reduction in premium will depend on a range of factors including the product you hold and when you began your cover. Based on premium rates as at 1 August 2023

Reduce the monthly benefit amount

You may no longer need the benefit amount that you currently have. This could be the case if you paid down debt, or have less expenses to cover since you took your policy out. Reducing your benefit amount to align with your current needs could help you save on premiums. 

Things to consider

If you later decide to increase the benefit amount again, it will be subject to underwriting and eligibility requirements*.

*Eligibility criteria may apply. You should refer to your product terms for more information or give us a call. 

Change the waiting period before you can make a claim

Waiting period is the length of time you will have to wait until you become eligible to receive the Income Protection monthly benefit when you make a claim. Generally, the shorter the waiting period, the higher your premium will be. 

Things to consider

If you increase your waiting period, and later decide to reduce your waiting period again, this will be subject to underwriting and our acceptance.

Increasing your waiting period from 30 to 90 days could reduce your Income Protection premiums by up to 35% *.

*This is based only on a 40 year-old male; AA occupation, stepped premiums, 30days Waiting Period, Benefit Period to age 65. Any reduction in premium will depend on a range of factors including the product you hold and when you began your cover.

Change the benefit period that you can claim for

The longer your benefit period, the higher your premium. The benefit period is the maximum length of time your Income Protection benefit will be paid for in the event of a claim.

Things to consider

If you reduce your benefit period and later decide to increase it again, it will be subject to underwriting and eligibility requirements^ or may not be available.

Changing your benefit period from to age 65 to 5 years could reduce your Income Protection premiums by up to 44%*.

*This is based only on a 40 year-old male; AA occupation, stepped premiums, 30days waiting period, benefit period to age 65. Any reduction in premium will depend on a range of factors including the product you hold and when you began your cover.