Changes to your Income Security premiums

Changes to your Income Security premiums

MAS is committed to providing consistent and fair value premiums for Members over time, which is why we are adjusting premiums for our Income Security policies. 

Why the changes are needed

We regularly review our products to make sure they are suitable and continuing to protect what matters most to our Members now and for the future. These reviews consider the future costs of providing cover, economic indicators, and the financial requirements of the business. 

What are we changing

We are increasing the base premium rates for all Income Security policies by 15%.

This change affects premium rates we use to calculate your policy premium. Your premium is also influenced by your age and any additional cover you may have added to your policy. This means the full premium you end up paying for the next year will differ from the percentage above. 

When this change will take effect

We will introduce the new rates on 1 November 2021 for all new policies we issue. For existing policies, the new rates will apply to your policy on its first renewal after this date.

Your renewal notice contains your new total annual premium payable.