Changes to your Income Security premiums

Base premium rates for Income Security policies are changing from 1 June 2024. The changes will be applied to existing policies on the next annual renewal, on or after this date. They will also be applied to all new policies issued from this date. 

These changes reflect our experience of claims costs across the portfolio. The Members where we have experienced the largest increase in claims costs are aged between 35 and 44, and 60 and 65. We’re experiencing a larger increase in claims costs for female Members than for males. 

We understand some Members are experiencing increased cost-of-living expenses due to the difficult economic climate. If premium increases are challenging for you, there are options to adjust your policy to make it more affordable. This includes reviewing the amount you are covered for, or the length of time you need to wait for a payment in the event of a claim. 

Whether you want less cover, more cover, a different type of cover, or if you’re not sure you want to keep spending what you are, we can help you figure it out – that’s what a mutual does. 

If you would like to speak to a MAS Adviser about reviewing your cover or for a general check-up on your insurance needs, please contact us on 0800 800 627 or email info@mas.co.nz.