POWERED BY MOMENTUM MEDIA
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
Volatile markets driven by shifting US tariff policy failed to rattle Australia’s superannuation system in April, with balanced options inching upward.
ASFA has urged greater transparency and fairness in the way superannuation levies are set and spent.
Labor’s re-election has reignited calls to strengthen Australia’s $4.2 trillion super system, with industry bodies urging swift reform amid economic and demographic shifts.
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
5
Plato Global Alpha A
28.83 3 y p.a(%)
