MetLife and MTAA Super drop premiums for young members

In a statement, MetLife said the decision was intended to “balance adequate insurance protection with retirement outcomes” for people who “typically” have lower super balances.

“Under the changes, premiums for life, and total and permanent disability cover for all members will reduce by 21 per cent on average and up to 50 per cent for young members, while the level of default cover for all members remains unchanged,” the statement said.

MetLife chief executive Deanna Stewart added that group insurance “provides easy and effective protection for millions of Australians” and the company was pleased with the recent decision.

“We have an ongoing commitment to our members to ensure that the group insurance cover provided through MTAA Super is appropriate and affordable for their needs and as their needs change,” Ms Stewart said.

“We are very pleased that we have been able to work with MetLife to secure an outcome that benefits all of our members, while also addressing the particular issues associated with the provision of insurance for younger members.”