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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
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