Changes to Cash Back Cover Premiums from 15 June 2022
We’re always looking for ways to provide great value life insurance for all our members. From time to time, we adjust our premiums so we can keep delivering the Uncommon Care we’re known for.
From 15 June 2022, the premium for Cash Back Cover will change. Below you’ll find the new premium for single and family policies for each payment frequency.
New Cash Back Cover Premiums
Cash Back Cover Single Policy
| Weekly | Fortnightly | Monthly | Quarterly | Half Yearly | Yearly | |
|---|---|---|---|---|---|---|
| Current premium |
$2.50 | $5.00 | $10.80 | $32.50 | $60.00 | $120.00 |
| New premium from 15 June 2022 |
$3.00 | $6.00 | $13.00 | $39.00 | $72.00 | $144.00 |
Cash Back Cover Family Policy
| Weekly | Fortnightly | Monthly | Quarterly | Half Yearly | Yearly | |
|---|---|---|---|---|---|---|
| Current premium |
$5.00 | $10.00 | $21.65 | $65.00 | $120.00 | $240.00 |
| New premium from 15 June 2022 |
$6.00 | $12.00 | $26.00 | $78.00 | $144.00 | $288.00 |
Cash Back Cover policies taken out prior to 15 June 2022
The premium increase for your policy will apply at your next policy anniversary date on or after 15 June 2022. For example, if your Cash Back Cover policy cover commencement date is 7 May 2022, your premium will change from 7 May 2023. But if your policy cover commencement date is 25 June 2020, your premium will change from 25 June 2022.
Cash Back Cover policies taken out from 15 June 2022 onwards
These policies will already have the new premium applied.
IMPORTANT INFORMATION
Terms and conditions apply. Please read the Cash Back Cover Product Disclosure Statement, Policy Document and Financial Services Guide available by calling 1800 560 855 or visiting hcf.com.au/lifeinfo, and consider your financial situation, objectives, and needs before deciding on these products as any advice provided does not take these into account. In addition to these documents, you should also read the Target Market Determination (TMD) for the product, which is available at hcf.com.au/lifeinfo. Cash Back Cover is issued by our own HCF life Insurance Company Pty Ltd. ABN 37 001 831 250, AFSL 236 806 (HCF Life). HCF Life is a wholly owned subsidiary of The Hospitals Contribution Fund of Australia Limited ABN 68 000 026 746, AFSL 241 414 (HCF). The premiums for Cash Back Cover are paid to HCF Life. HCF receives commission from HCF Life for their sale of up to 40% of the first year’s premium plus an additional commission of 80% of HCF Life’s underwriting profit each year calculated as premiums less claims and expenses. HCF’s staff may receive an incentive depending on the annual premium of these products which they sell. This will not exceed 15% of the first year’s premium.
LIFE INSURANCE CODE OF PRACTICE
HCF Life is a member of the Financial Services Council and we are bound by its Life Insurance Code of Practice which sets out the Australian life insurance industry’s key commitments and obligations to customers. Further information is available at fsc.org.au