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Australian Super — 40% life insurance premium increase

21 April 2026
by BG Private
3-minute read

The recent announcement by Australian Super of up to 40% insurance premium increases confirms a clear and growing trend: Group Life and Superannuation Fund premiums are now regularly exceeding those of retail and personal plan policies — and the gap is widening.

Australian Super has announced increases of 40% on Total Permanent Disablement premiums, 38% for Income Protection and 20% for Life cover.

If you hold insurance inside your super fund, don’t assume your premiums are still competitive. Now is a good time to review.

Monitoring market variability

For many years, Group Life and Industry Fund premiums were the more affordable option. Over the past three to four years, that has changed significantly. While premiums have risen across both group and retail policies, the increases in Group Life have consistently outpaced those in the retail market — meaning many Australians are now paying more for less, with the added risk that their terms and conditions could change at any time.

A recent example brings this into sharp focus: a Group Life plan established specifically for footballers announced it was changing its policy definition to exclude concussion as a claimable medical condition. This is not an isolated case. Under most Group Life and Industry Fund arrangements, the insurer retains the right to alter policy terms and conditions at its own discretion — without the member’s agreement. Retail policies differ in two important ways:

Guaranteed renewability — the rates, features and benefits you sign up for remain locked in for the life of the policy
Terms and conditions flexibility — you can tailor policy conditions to best suit your individual needs and circumstances

What this may mean for you

You may be paying more for your super fund insurance than equivalent retail cover
Policy definitions and benefits outside super are often stronger and more favourable
Group Life insurers can change your terms without your consent — retail policies offer greater certainty

By reviewing your insurance options, you may find cover that is not only less expensive but offers stronger definitions, better benefits and greater certainty. Our specialist insurance team at BG Private can review and compare your super-owned cover against what’s currently available in the market.

Like to know more?

Contact John Green or Annabel Howitt to discuss and review your current super fund insurances. Very often, premiums are lower and policy definitions and benefits are stronger outside superannuation fund-owned policies — and we can show you exactly how yours compares.

Our expert

John Green

Financial Advisor | Financial Planning

John Green is a Financial Planner and BG Private’s specialist in personal and business insurance, with more than 25 years of experience and a track record that few in the industry can match. Where John stands apart is his end-to-end commitment to clients - from selecting the right cover through to managing the complex claims process on their behalf, having successfully guided many dozens of clients through claims since 2006. With a background spanning life, TPD, income protection, trauma and business insurance, John ensures business owners, professionals and families have the right protection in place, at the right value, when it matters most.