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We’ve recently contacted some customers to let them know we’ll be refunding a portion of their premiums paid, and reducing future premium payments.
This refund and change to premiums are the result of a review undertaken by Resolution Life, which focused on the application of premium increases to level premium policies, and how these were explained in the supporting disclosure materials and documents.
If you received a communication which asked you to supply your bank account details to us, so that we could process your refund, please provide your details to us by the date requested.
Provide your bank account details
If you pay your premiums by direct debit from a bank account
No action is required. We will electronically transfer your refund payment to the bank account that your premiums are paid from on the date that was advised in your communication. Depending on your financial institution it may take 5-10 business days for this payment to appear in your account. Once the payment is complete, we will send you a confirmation letter.
If you don’t pay your premiums by direct debit from a bank account
We need your current bank account details to make this refund payment to you. As we no longer make payments by cheque and are unable to refund to a credit card, we'll be making your payment to the bank account that you nominate.
Please provide your bank account details via our secure online form. Alternatively, you can call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team.
When you provide your bank account details to us, we will also ask a series of security questions to verify we’re communicating with the owner of the policy. Please note, the information must match what we have on file in order for the refund payment to proceed.
If you’re a Self-Managed Super Fund (SMSF) policy owner and you nominate the bank account that is held in the name of the SMSF, you’ll need to provide us with additional information; including your ABN, SMSF Electronic Service Address (ESA) and an original or certified copy of your latest SMSF bank statement. All of this additional information must be emailed to levelpremiumrates@resolutionlife.com.au before we can process your refund payment.
We can only make your refund payment to one nominated bank account, and it must be a personal or joint account based in Australia. We cannot accept third party accounts, such as a company or a trust account, or accounts based overseas.
The bank account details you provide will only be used to make your refund payment to you and will not be associated or used with your policy in any other manner.
Please update your bank account details by Wednesday 23 April 2025. Once the payment is complete, we will send you a confirmation letter.
No action is required. Under current superannuation laws, we’re unable to pay this refund directly to you. We’re also unable to refund your superannuation account directly, so we will transfer your refund payment to the Australian Taxation Office (ATO).
The ATO will attempt to transfer your refund payment to an eligible, active superannuation account on your behalf (if you have one).
You can also choose to nominate an eligible active superannuation fund that you'd like the ATO to transfer your payment to, via your MyGov account.
If you can’t use the ATO’s online services, you can call them on 13 10 20 or visit ato.gov.au and search for ATO-held superannuation.
• Please read our frequently asked questions below
• Email us at levelpremiumrates@resolutionlife.com.au
• Use our online chat function to speak with one of our team
• You can also contact your financial adviser
• For specific queries, call us on 133 731, select option 4 and enter the 5-digit extension 50059.
Should you wish to make a complaint regarding the outcome of this change, you can do so by contacting us using the contact details above. You can find more information about making a complaint and the complaints process on our website resolutionlife.com.au/complaints.
If you aren’t satisfied with the outcome of Resolution Life’s dispute resolution process, you can take your complaint to the Australian Financial Complaints Authority (AFCA). AFCA is an external dispute resolution body which provides fair and independent financial services complaint resolution that is free to consumers.
Their contact details are:
Australian Financial Complaints Authority
GPO Box 3
MELBOURNE VIC 3001, Australia
Phone: 1800 931 678
Email: info@afca.org.au
Online: afca.org.au
There may be a time limit for referring your complaint to AFCA, which is usually two years from the time when you receive your complaint outcome from Resolution Life. You can contact AFCA or visit their website for more details.
We’d like to reassure you that the communication you’ve received from Resolution Life is genuine.
However, if you’re concerned and would like to check it is not a scam, please read your letter and the information on this webpage carefully.
You can also find out more about us and our company history at resolutionlife.com.au/about-us.
Alternatively, if you have a financial adviser, please contact them.
This refund and reduction to your future premiums are the result of a review undertaken by Resolution Life. The review focused on the application of premium increases to level premium policies like yours, and how these were explained to you in the supporting disclosure materials and documents. It was concluded that the explanations weren’t clear enough and as such, Resolution Life has decided to refund you a portion of your past premiums and reduce your future premiums.
The refund amount also includes interest for the period of time for which you have been refunded (review period). Please note, there have been multiple premium rate changes during the review period and these changes will affect the levels of interest applied.
Please refer to the letter that has been sent to you for details of the benefits and types of cover that you hold which are eligible for a refund payment and reduction to your future premiums.
Please refer to the letter that has been sent to you for instructions on what you may need to do.
If you pay your premiums by direct debit from a bank account
No action is required. We will automatically pay the refund to the same bank account that your premiums are paid from. Once the payment is complete, we will send you a confirmation letter.
If you don’t pay your premiums by direct debit from a bank account
Please provide your bank account details via our secure online form. Alternatively, you can call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team.
When you provide your bank account details to us, we will also ask a series of security questions to verify we’re communicating with the owner of the policy. Please note, the information provided must match what we have on file in order for the refund payment to proceed.
If you’re a Self-Managed Super Fund (SMSF) policy owner and you nominate the bank account that is held in the name of the SMSF, you’ll need to provide us with additional information; including your ABN, SMSF Electronic Service Address (ESA) and an original or certified copy of your latest SMSF bank statement. All of this additional information must be emailed to levelpremiumrates@resolutionlife.com.au before we can process your refund payment.
We can only make your refund payment to one nominated bank account, and it must be a personal or joint account based in Australia. We cannot accept third party accounts, such as a company or a trust account, or accounts based overseas.
The bank account details you provide will only be used to make your refund payment to you and will not be associated or used with your policy in any other manner.
Please update your bank account details by Wednesday 23 April 2025. Once the payment is complete, we will send you a confirmation letter.
Please contact us if you would like help or to discuss this further.
We will transfer your payment to the Australian Taxation Office (ATO) who will attempt to transfer your refund payment to an eligible, active superannuation account on your behalf (if you have one).
You can also choose to nominate an eligible active superannuation fund that you’d like the ATO to transfer your refund payment to via your MyGov account.
For more information, visit the ATO website at ato.gov.au and search for ATO-held superannuation, or call them on 13 10 20 if you have any questions.
If you pay your premiums by direct debit from a bank account, we will automatically pay your refund to that account. If you have questions or concerns about this, please contact us as soon as possible.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
If you need to provide your bank account details to us, please do so by Wednesday 23 April 2025. We will then send you a confirmation letter once you have been paid.
If we don’t receive your bank account details by the date advised, we will place you on the Australian Securities and Investments Commission’s (ASIC) unclaimed monies register and we will keep your total refund payment amount for seven (7) years, after which time we will forward it to ASIC in accordance with the law.
To claim these funds, you can contact us directly, or you can contact ASIC by visiting asic.gov.au and search for unclaimed money.
If you have submitted incorrect or incomplete information to us when providing your bank account details using the online form, please contact us as soon as possible.
Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team.
You can request a copy of how your refund payment has been calculated by contacting us.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
You can request a copy of how your new premiums have been calculated by contacting us.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
No. Your cover is not affected and remains in place.
For superannuation insurance policies, your existing binding death benefit nomination(s), if provided, also remain in place.
To learn more about level premiums you can read more at Understanding level premiums - Resolution Life.
We cannot advise on any other changes to your premiums which may occur in the future. Please refer to the letter that has been sent to you for details of what has currently changed.
Not all insurance benefits were eligible to be included in the policy review undertaken by Resolution Life. Please refer to the letter that has been sent to you for specific information about the insurance benefits for which you’re receiving a refund.
If you’d like further details, please contact us.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
Please seek advice from your financial adviser or a registered tax agent to find out if your refund payment will be assessable for taxation purposes.
If you have multiple active insurance policies with Resolution Life and more than one product and benefit type are eligible for a refund payment, you will receive a separate communication for each policy.
Under current superannuation laws, refund payments for risk insurance only policies cannot be paid out as cash directly to you. We’re also unable to refund your superannuation account directly.
In these instances, the refund payments will be transferred to the ATO as superannuation money, and they will attempt to transfer your refund payment to an eligible, active superannuation account on your behalf (if you have one).
You can also choose to nominate an eligible active superannuation fund that you’d like the ATO to transfer your refund payment to via your MyGov account.
For more information, visit the ATO website at ato.gov.au and search for ATO-held superannuation, or call them on 13 10 20 if you have any questions.
Resolution Life has reviewed affected products from the present day back to 31 March 2017, as this includes the period in which substantial and material premium increases were implemented for impacted benefits under these products.
These increases were originally made in response to the Australian Prudential Regulation Authority (APRA) requiring life insurers to review their premiums for income protection cover, to seek to ensure the future sustainability of income protection products.
In undertaking the review, Resolution Life deemed it appropriate to include other types of products, such as life insurance (death cover), total & permanent disablement (TPD) and trauma cover, as well as income protection products.
Your updated insurance schedule will be sent to you and will show your updated policy details, including a summary of your ongoing premiums.
You may receive further communications about your insurance from Resolution Life, as well as further information about your refund payment. Types of communication may include, a premium change letter, annual statement and/or payment due notice.
You can request a copy of the disclosure materials and documents relevant to your policy by contacting us.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
The insurance cover for your product is issued by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life). Your product is issued by Resolution Life or by Equity Trustees Superannuation Limited ABN 50 055 641 757, AFSL No. 229757, RSE Licence No. L0001458 (Trustee) as trustee of either the National Mutual Retirement Fund ABN 76 746 741 299 RSE 1056310 or the Super Retirement Fund ABN 40 328 908 469 RSE 1067361 (each a ‘Fund’). If Resolution Life is the issuer of the insurance policies to the Trustee for your product, the Trustee will receive the benefit from Resolution Life and provide the benefit to eligible Fund members.
If the information on this page is factual information only, it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. Any advice is provided by Resolution Life, is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your circumstances, as well as the product disclosure statement and policy document for your product. Any guarantee offered in your product is only provided by Resolution Life. Any Target Market Determinations for your product can be found at resolutionlife.com.au/target-market-determinations.
Resolution Life is part of the Resolution Life Group and can be contacted at resolutionlife.com.au/contact-us or by calling 133 731.