Equipsuper announced it is lowering premiums for most of its members bar a few corporate plans.
Equip Personal members will benefit most, as their premiums are slashed by 23 per cent for death and total and permanent disablement (TDP) cover, and 17 per cent on salary continuance cover.
Most of Equip's corporate membership received a cut on death and TDP and/or salary continuance premiums.
The fund's chief executive officer Danielle Press said the reductions come after a thorough examination of the fund's member needs and behaviours on insurance and its relationship with Equip's primary underwriter, Hannover Life Re of Australasia.
"To have reduced our premiums without having to compromise the overall features and benefits of our cover is an outstanding outcome for our members given the plethora of bad news on insurance premiums announced in recent months by other funds," Press said.
She added insurance is an important "differentiator" for Equip in the age of MySuper and helps retain members as they change jobs.
