Super members trust funds to help make life insurance decisions

6 July 2021
| By Jassmyn |
expand image

Superannuation funds need to drive insurance in super awareness as 72% of super members trust their fund to help them make informed decisions about their life insurance, according to a report. 

Life insurer MetLife’s ‘Value of Life Insurance Report’ found super funds had a critical role to play in driving awareness of insurance inside super and empowering members to make decisions about their cover with confidence. 

The report found another 70% of members trusted their fund to help them understand how much life insurance they needed. 

The report noted the Your Future, Your Super stapling measure’s financial impact needed to be considered more broadly.  

“[It needs to take] into consideration occupation-based insurance that may be inappropriate for less engaged members who remain in funds after subsequent career changes, high-risk occupations which is not broadly available nor covered, exclusions specific to members and how they can be carried across funds, employers potentially providing advice to employees on commencing employment, impact on pricing and risk assumptions underpinning insurance contracts, to name a few,” the report said. 

“There is also currently greater impetus for the entire ecosystem of superannuation funds to be interconnected with all service providers to facilitate and assist with the legislative changes to ensure a frictionless impact on the customer. 

“It is more important than ever to increase awareness and engage so that members can make informed decisions about their insurance needs.” 

Read more about:


Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

4 months ago
Kevin Gorman

Super director remuneration ...

4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

4 months 1 week ago

The Association of Superannuation Funds of Australia has appointed a new director representing industry funds, among a number of other appointments in recent months....

1 day 20 hours ago

The asset manager is bolstering its investments in the global energy transition and climate opportunities....

1 day 1 hour hence

The ethical investment manager has reported record FUM as its growth trajectory continues apace....

2 days 21 hours ago