Chant West’s 2014 super fund insurance survey introduces a simple but sophisticated way to compare funds on the basis of their insurance premiums. The survey report shines a light on some of the quirks that exist in super fund insurance, and how they affect members of different funds depending on their age, gender, occupation and smoker status.
One of the revelations of the survey is the huge disparity that exists between the cheapest insurance and the most expensive, with some funds having increased premiums by 150% over the past two years.
For example, a 40 year old female worker in a white collar job would pay $120 a year for $300,000 of death and disability cover in the cheapest fund. In the most expensive fund, the same cover would cost her $767. And, the disparity is greater for males and far greater for blue collar workers.
