POWERED BY MOMENTUM MEDIA
85-90 per cent of super insurance claims are paid out
The majority of insurance claims made through a superannuation fund are paid out in a timely manner and rarely require legal input, according to the Association of Superannuation Funds of Australia (ASFA).
ASFA said although there are many misconceptions around the process for making insurance claims within super it is not as complex as it seems.
"We know that many super fund members are confused about how to make an insurance claim within super and some people believe an insurance claim is too complex to tackle without the help of a lawyer," ASFA chief executive, Pauline Vamos, said.
"Super fund trustees legally have to act in fund members' best interests, including in relation to the payment of insurance claims¬ Between 85-90 per cent of insurance claims, on average, have been paid out."
Recommended for you
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment