ING has launched an online insurance product specifically aimed at superannuation funds.
The product, which allows fund members to apply, change or upgrade their life insurance cover via the Internet, has been released to major industry superannuation funds HESTA and Hostplus.
Commenting on the release of the new product, ING executive director, life risk, Gavin Pearce said the facility was intended to make life insurance easy and more accessible to super fund members.
The product will be accessible to super fund members through their funds' web sites, which will link back to ING.
The insurance company has joined this year’s awards as a principal partner.
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.