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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."
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