POWERED BY MOMENTUM MEDIA
Review started into occupational exclusions
color:#333333">The Government has invited submissions into a review of occupational exclusions in default insurance offered through MySuper products.
color:#333333">The consultation would help the Government to determine the appropriateness of exclusions going forward, those high-risk jobs where default insurance was unavailable.
color:#333333">These jobs affected the automatic acceptance of default cover for some new MySuper members and may have significant consequences if a member changed occupation.
color:#333333">The review would focus on default cover in respect of life and total and permanent disability (TPD) insurance which trustees were required to provide to their MySuper members.
color:#333333">The Minister for Superannuation, Financial Services and Digital Economy, Senator Jane Hume, said: “Default insurance offered through MySuper products should come with no surprises.
color:#333333">“This review will look at the prevalence of occupational exclusions on default life and TPD insurance offerings within MySuper products to form a view of whether occupational exclusions in relation to default life and TPD insurance in MySuper products are necessary or appropriate.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
