Trauma insurance should be offered in super
|
| Chris Pearce |
The Federal Opposition has raised the idea of offering trauma insurance coverage through superannuation.
Speaking at the Investment and Financial Services (IFSA) launch of the Lifewise insurance campaign on Friday, Shadow Minister for Financial Services Chris Pearce said there was an apathy about the need for trauma insurance.
Super fund members should receive tax deductions for trauma insurance like tax deductions for total and permanent disablement, Pearce said. Any trauma withdrawal would be limited to any available insured benefit.
Trauma is not only helpful for medical costs and recovery, but can also be used for funding lifestyle adjustments such as for a person who was confined to a wheelchair due to an accident, Pearce said.
Trauma insurance does not currently fall under the requirements of the Superannuation Industry Supervision Act. New life insurance research released by IFSA showed that less than 10 per cent of Australians take out trauma insurance.
AUTHOR
Mike Taylor
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