May 30, 2017
MetLife Australia will promote the benefits of group insurance inside superannuation and is seeking assistance from superannuation fund trustees to join its awareness campaign.
As part of the campaign, the insurer will aim to show to super funds members that the default insurance that comes with their fund provides a safety net, particularly for those in high-risk occupations.
MetLife Australia Chief Executive, Deanne Stewart said that without group life cover “…the vast majority of working Australians would have little to no form of lifestyle protection”.
“We have spoken with many claimants who were not aware they had insurance until either a friend, a work colleague or a financial adviser told them. We regularly hear from superannuation fund members who tell us this insurance has made a significant difference to their life,” Stewart said.
MetLife is a member of the Insurance in Superannuation Industry Working Group (ISWG) and Stewart said more needed to be done across the group life sector to promote the benefits to fund members.
“We have been speaking with our super fund partners about how we can work together in true partnership to raise awareness of the importance of insurance inside super,” Stewart said.
“It’s also not widely recognised that group insurance makes an economic contribution by reducing costs that would otherwise have to be drawn from the public purse,” she added, stating MetLife has been working with super funds, corporate partners and the ISWG to improves product design and ensure members balances were not unduly eroded.