TWUSUPER has extended its insurance mandate with CommInsure for a further three years, with improved cover for members.
Members will now receive more total and permanent disablement (TPD) cover, with basic TPD cover increased from one to two units. Members will also have the option to further increase both their death and TPD cover from the current two units to three.
The deal encompasses other improvements, including the introduction of lifetime event cover, a loyalty bonus, improved TPD definitions and maximum cover levels, CommInsure stated.
TWUSUPER chief executive Bill McMillin said the changes will offer fund members better value and greater cover, enabling members and their families to be better protected.
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.