Insurance in superannuation

Communication about insurance from super funds needs to be better

Super funds need to work harder to inform their members about insurance inside superannuation, but there are benefits for the funds and members if they do. Research by MetLife research, contained in its Insurance Inside Super Report 2019, has found that super fund members “lack awareness” about insurance in super.… Read More »Communication about insurance from super funds needs to be better

Opt-in insurance in super change may be pushed back to December 2019

Making insurance in superannuation opt-in, instead of opt-out, for young people may be pushed back several months, but it is unlikely to exempt people with high-risk jobs – despite this previously being Government policy. The Government recently re-introduced to Parliament a Bill to make insurance in superannuation opt-in for young… Read More »Opt-in insurance in super change may be pushed back to December 2019

Last chance to keep insurance in super for people with inactive accounts

This is the last week for people with inactive super fund accounts to tell their funds that they wish to continue their insurance cover, several finance groups have warned. Financial Counselling Australia, the Consumer Action Law Center, and the Australian Institute of Superannuation Trustees, have warned that on 1 July… Read More »Last chance to keep insurance in super for people with inactive accounts

Over 96% of not-for-profit super fund members covered by insurance code

Over 96% of members of not-for-profit super fund members are covered by the Insurance in Super Code of Practice, according to the Australian Institute of Superannuation Trustees (AIST).

AIST CEO Eva Scheerlinck said the overwhelming support for the Code by the profit-to-member sector, AIST’s preferred term for not-for-profit funds, would lead to improvements for millions of super fund members – such as faster and better claims handling.

Read More »Over 96% of not-for-profit super fund members covered by insurance code

Lack of action on insurance eroding super is “completely unacceptable”

A Parliamentary committee has called the lack of action by super funds on erosion of super balances through duplicate insurance “completely unacceptable” and recommends the regulators immediately audit super fund trustees for payments around default insurance and expand reporting to consumers. The Parliamentary Joint Committee on Corporations and Financial Services… Read More »Lack of action on insurance eroding super is “completely unacceptable”