REI Super resolved to adopt the AIST Insurance in Superannuation Voluntary Code of Practice and would begin implementing it from 1 July this year.
REI Super chief executive officer, Mal Smith, said REI’s adoption of the code reflected its commitment to continuing to provide members with high quality and cost effective death, disablement and income protection cover, and to giving them access to good service when they apply for insurance or make a claim.
“The code also contains some very sound practices for making sure fund members do not pay too much for insurance or that they do not receive unnecessary insurance,” said Smith.
Smith said cost effective insurance was a critical component of superannuation for Australians, and adoption of the code, which was developed with the objective of improving the insurance in superannuation offered to members, would place super funds in a position to provide this.
