industry superannuation fund has joined the growing number of funds to negotiate improvements in their insurance offering to members.
JUST chief executive said the insurance enhancements, negotiated with ING, would deliver more death and total and permanent disablement cover for those aged between 16 and 40, increase the maximum level of cover to $2 million and pull forward payouts to those suffering from terminal illnesses.
Thian-De Wind said the revamped insurance offering gave good cover to members of all age groups and added a new dimension for those in young age groups.
“JUST’s insurance offer has always been strong for older members. The increased cover for members aged between 16 and 40 means younger members have access to an equally competitive offer,” she said.
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.