Category | Superannuation

News in Brief

ASIC Imposes Conditions on MyPlanner Licence; TAL Offers Insurance Education to Super Funds; Life Announces First Roll-Out of Group Life Platform (more…)

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0 · December 5, 2017 in Compliance & Regulation, Products, Superannuation  

News in Brief

ANZ Wealth Insurance Portal Goes Mobile; MLC Life Named as Super Fund Insurer (more…)

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0 · November 21, 2017 in Company News, Superannuation, Technology  

Life Insurance Inquiry Reporting Date Extended Again

The Parliamentary Joint Committee (PJC) Inquiry into the Life Insurance Industry will now release its final report in early December after it was granted a second extension to its reporting date by the Senate. (more…)

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0 · October 24, 2017 in Claims, Compliance & Regulation, Products, Superannuation, Underwriting  

Super Fund Code to Cap Premium Prices

Super funds offering life insurance will be required to stop deducting premiums after a member’s contributions cease, and cap premiums in line with the earnings of members, according to a new draft Code of Practice. (more…)

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0 · September 21, 2017 in Associations, Products, Superannuation  

Claims Are Not Rare Event – ASFA

Life insurance claims were not rare with around 1 in 20 people making a TPD or death benefit claim, according to the Association of Superannuation Funds of Australia (ASFA), which also claimed group life was a better vehicle for people to secure insurance. (more…)

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0 · September 18, 2017 in Claims, Superannuation  

Super Fund Offers Opt-In Insurance Arrangements

AustralianSuper will introduce an opt-in arrangement for life insurance for people joining the fund who are under 25, in an effort to stop account balance erosion. (more…)

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2 · September 18, 2017 in Claims, Products, Superannuation  

Reprice Group Life Based on Dependents – Rice Warner

Group life insurance should be repriced to take into consideration the financial needs of members instead of being based on default sums, according to industry consultant group Rice Warner. (more…)

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2 · August 15, 2017 in Products, Superannuation  

MLC Life Launches Group Life Platform

MLC Life Insurance has continued its rollout of new life insurance related technology with the launch of a group insurance digital platform for superannuation funds. (more…)

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0 · July 25, 2017 in Claims, Company News, Superannuation, Technology  

Government to Simplify Group Life Opt-Out

The Federal Government will ease the process for consumers to opt out of group life insurance schemes with the current arrangements being labelled ‘ridiculous’ by the Minister for Revenue and Financial Services, Kelly O’Dwyer. (more…)

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0 · July 24, 2017 in Products, Superannuation  
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Super Bodies Call for Widespread Commission Bans

All commissions on any form of life insurance should be removed completely as their continued existence does not remove conflicts of interest or protect the best interests of consumer, two industry super fund bodies have claimed. (more…)

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12 · July 4, 2017 in Associations, Compliance & Regulation, Remuneration, Superannuation