How our premiums work

Factors that affect the premium you pay

Your premium depends on the types and levels of cover you have. Your premium amount may change in the future and generally increases as you get older.

Your premiums may also be affected by:

• your gender
• your occupation
• the state of your health
• your smoker status
• any sports you play or recreational activities you’re involved in
• any changes in the consumer price index (CPI or inflation)
• your waiting period and benefit period for Salary Continuance Insurance (SCI)
• your Total and Permanent Disablement (TPD) cover definition.

From time to time, insurers review premium rates to make sure that members are paying the appropriate amount for their insurance cover. This is so the insurer can continue to pay claims to members in their time of need.

Generally, your premiums are deducted from your super account. Employers might make additional contributions to cover insurance premiums as part of your remuneration package.

What are waiting periods and benefit periods and how do they affect my premiums?

If you have Salary Continuance Insurance (SCI), also known as Income Protection (IP), your premiums will cost more if you choose a longer maximum benefit period.

However, you will only receive benefits for the period you are unwell. This may be shorter than your chosen benefit period.

A waiting period is the amount of time an insured person has to be disabled before getting their regular monthly payment. Generally, your premium will cost more if you choose a shorter waiting period.

Regardless of your waiting period, you should notify us of your intention to claim as soon as possible.

How do I know my premium amount?

You can check your benefit statement or get in touch with your financial adviser.

If you’re a FirstChoice Super member, you can check your insurance premiums on FirstNet.

Take a look at our insurance booklets

You can read more about premiums by reading our insurance booklets:

• FirstChoice Employer Super
• FirstChoice Wholesale Personal Super
• FirstWrap