AMIST sets precedent with default income protection
In an industry first, the Australian Meat Industry Superannuation Fund (AMIST) will deliver its members default income protection insurance on an opt-out basis, via an agreement struck with specialist insurer Australian Income Protection.
The new arrangement was announced by AMIST chief executive John Livanas, who said the decision to offer default income protection cover was consistent with its desire to offer members a more innovative and easy approach.
He said that it was not usual to offer income protection as a default option for members because of the underwriting requirements and because voluntary take-up was still comparatively low.
Livanas said that AIP had been able to develop a competitive product proposition that would allow the fund to offer its members an attractive income protection solution.
Commenting on the arrangement, AIP head of sales Michael Burke said he hoped the default approach to income protection adopted by AMIST would be considered by other funds.
The new arrangements will be available to AMIST members from 20 November.
AUTHOR
Mike Taylor
Recommended for you
Australia’s average superannuation balance has climbed to a record high, with women’s savings share rising and reliance on the age pension falling.
APRA has softened several governance reform proposals following extensive consultation with banks, insurers, and super funds across Australia.
The super fund’s CEO has confirmed he will finish his role in 2026.
New data shows millions of Australians have little idea how their super funds have performed over the past year.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
