The Meat Industry Employees' Superannuation Fund (MIESF) will replace its "self-insured" death benefit with group insurance cover by TAL mid-year.
Previously, MIESF was not insured through an insurer but provided an additional death benefit under a "self-insurance" arrangement funded from member accounts at a cost of $5 per week and paid as $260 each fiscal year.
The new arrangements will increase the cost of cover to $5.60 per week paid as two payments of $145.60 in December and June of each year.
Rising group insurance premiums have been widely reported and are occurring due to the increase in claims, according to Australia's leading group insurance providers.
MIESF said members could opt out of death and total and permanent disability cover but could not ditch one without the other. Opt-out members then became ineligible for insurance at any time in the future.
Under Stronger Super reforms, super funds will not be able to offer members insurance without the backing of an insurer.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
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