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Underinsurance risk in MySuper
There was a risk that MySuper would result in entrenching low levels of insurance cover for Australians, according to the chief executive of Suncorp Life, Geoff Summerhayes.
Summerhayes told the Financial Services Council (FSC) annual life conference in Sydney said that while he believed it was good news that the Government had accepted that MySuper default funds should offer life and total and permanent disablement insurance on an opt-out basis, he remained concerned about low levels of cover.
“We need to be aware of default life insurance cover within MySuper may entrench the low-level of cover for Australians,” he said.
Summerhayes said that as the MySuper reforms were implemented, the industry needed to work hard with Government and the community to ensure that underinsurance was not entrenched and in fact made worse.
AUTHOR
Mike Taylor
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