Macquarie Life increases premiums

Premiums have increased for Macquarie Life Disability Income and Business Expenses insurance products as of 17 October 2015 for new business.

Rate change overview

Increases will be applicable to Macquarie Life FutureWise Disability Income and Macquarie Life Active Income Cover.

Disability Income and Business Expenses occupation pricing factor changes

  • Occupation class 1E is seeing increases from -25 per cent to -15 per cent
  • Occupation Class 3 increases are from 75 per cent to 100 per cent

All other occupation class pricing factors remain the same.

Changes to Stamp Duty

QLD – stamp duty has, since 2013 changes, been absorbed by the company, however the 7.5-9 per cent fee will now be passed back to policyholders. All new business as of 17 October 2015 and policy renewals from 1 December 2015 will reflect this added cost. Any policies issued prior to 1 August 2013 will not be affected.

NT – Stamp duty in the Northern Territory has also changed, with duty now payable at 10 per cent on all years of the premium on ‘riders’ to life insurance policies issued from 1 July 2015 and policy renewals from 1 July 2016. Policies issued prior to 1 July 2015 are not affected. New prices will reflect the change.

There are no changes to the PDS, Macquarie Life Futurewise lump sum, Active lump sum, and Sumo products.