Public sector division members of AustralianSuper who are terminally ill are now able to access early release of superannuation and insurance payouts.
This follows the industry fund’s decision in July to pay out life insurance benefits to terminally ill members in the industry, Finsuper, and personal divisions with a life expectancy of up to 24 months.
AustralianSuper head of insurance product, Richard Weatherhead, said “AustralianSuper wants to make sure any additional stress and trauma is minimised for members during what is an already very difficult period”.
“This will go some small way towards making members’ lives more comfortable and allowing them and their families a greater level of dignity and financial security,” he said.
AustralianSuper said there would be no change to members’ insurance premiums before the next premium review.
