Why are my premiums increasing?

Standard premium rate adjustments, which increase your premiums, are sometimes necessary to ensure the long-term strength of the insurance pool that protects all policyholders. In recent years, the cost of providing cover has risen, driven in part by more claims and longer recovery times than we expected, as well as broader economic pressures across the industry.

How much will my premium change by?

Standard premium rate changes will vary depending on your specific product and cover and range from 0-20%.

When do the premium changes take effect?

If your product is one of those affected by the standard premium rate increases, these new premiums will apply from your next policy anniversary. You’ll be able to view your new premium amount when you receive your Annual Review Notice.

How are my premiums calculated?

We calculate your premiums based on a range of factors including your age, occupation, and lifestyle. The structure, options, and amount of cover you have selected can also impact the cost of your cover. When you apply for cover, we ask you a series of questions to ensure we can provide you with the cover and determine whether we need to apply any special terms.

Contributing factors to cost:

• age
• gender
• health and family history
• pre-existing medical conditions
• your occupation
• lifestyle choices (smoker status, sports and recreational pursuits)
• premium structure (variable age-stepped vs level premiums)
• any discounts (if you are eligible)
• policy fees (if applicable)
• inflation proofing
• your state of residence (this determines any stamp duty that may be applicable)
• other factors.

You can read more about how we calculate your premium here.

Can I turn off inflation proofing (otherwise known Consumer Price Index (CPI) increases)?

Yes, you may have the option to remove CPI increases. Turning off CPI will stop your sum insured (and your premium) from automatically increasing each year to cover inflation. It’s important to consider the potential long-term impacts on your cover amount before making any changes.

Maybe I should cancel my insurance when premiums increase.

Your cover remains in place even if your health changes over time.  If you cancel and reapply for new cover later, higher premiums may apply or you may not get the cover you want or exclusions may apply on your cover if your health has changed. We recommend speaking with an adviser to discuss what is appropriate for you and your best options.

Can I switch to a different Acenda product or provider if I’m unhappy with the standard premium rate increase?

If you’re considering switching to a different product, this may require new underwriting. The type of cover you had originally may change including that premium loadings and/or exclusions may apply.

We highly recommend speaking to your financial adviser or our insurance specialists before switching to ensure you stay protected.

How do I check what cover I currently have and what I’m paying for?

Your policy schedule outlines your current cover and premiums. You can view this online or request a copy by calling us on 1300 450 316 from 8.30am to 6pm (AEST/AEDT), Monday to Friday.

Will my cover change?

Your cover is continuous – this means you can’t be reassessed or excluded if your health worsens or circumstances change (as long as you continue paying your premiums).

Will I need to go through underwriting again if I adjust my cover?

Making an informed decision is crucial. Before any changes take effect, your financial adviser or our team can explain how the changes could impact your cover amount or benefits. 

Certain adjustments on your existing policy, such as increasing the amount of insurance will require underwriting. However, changes that reduce your cover, such as declining CPI or reducing the amount of cover won’t need new underwriting. If you cancel your cover and apply for new cover later, this could require new health and lifestyle assessments, which may impact your ability to get cover or result in terms or pricing that are different to your original cover.

Can I make changes at any time?

Yes, you can request adjustments to your policy at any time. However, it’s important to review your needs carefully and understand the impacts of any changes. Your financial adviser can discuss your personal circumstances and needs for more tailored advice or our insurance specialists can help guide you through options.

I want to make changes to my cover

Step 1

Consider your insurance needs. Speak with a financial adviser or call us on 13 65 25 between 8.30am and 6pm (AEST/AEDT), Monday to Friday.

Step 2

If you are increasing your amount of cover or requesting a review of your medical loadings or exclusions, smoker status, or occupation class, you will need to complete the relevant form for your product here. 

If you are decreasing your benefit, please call us on 13 65 25 between 8.30am and 6pm (AEST/AEDT), Monday to Friday, and we will assist you with your request over the phone. Alternatively, you can send us a letter signed and dated by the policy owner/s to the address below.

Step 3

Send us your completed paperwork by email or post.

Email: enquiries.retail@mlcinsurance.com.au

Postal address:

Acenda
PO Box 23455
Docklands VIC 3008

Step 4

We'll proceed with your request once we receive your paperwork. We'll contact you or your adviser if we need any additional information.

Step 5

Once completed, you'll receive a letter of acknowledgement and new policy schedule for your records.

What happens if I cancel my policy?

You can cancel or reduce your cover by:

• calling us on 13 65 25 between 8.30am and 6pm (AEST/AEDT), Monday to Friday
• emailing us a signed and dated request to enquiries.retail@mlcinsurance.com.au, or
• sending a signed and dated request to Acenda, PO Box 23455, Docklands VIC 3008

How can I get help with managing my policy?

You can:

• speak with your financial adviser
• contact our insurance specialists on 1300 450 316 from 8.30am to 6pm (AEST/AEDT), Monday to Friday, or
• visit our website for tools and resources to help you manage your cover.

How do I get my financial adviser’s details?

For most policies, your adviser’s details can be found online under the Your Adviser section.

If you are experiencing issues logging in to your portal, or to obtain your current sum insured for your policies, please give us a call on 13 65 25 between 8.30am and 6pm (AEST/AEDT), Monday to Friday.