Category | Superannuation

ClearView Claims Opt-In Regime Hurts Consumers

ClearView Life has repeated its call for all life insurance inside superannuation to be offered on an opt-in basis to all fund members claiming many members are under-insured, unaware of what they are insured for and are paying too much for the cover they receive. (more…)

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0 · July 10, 2018 in Products, Services, Superannuation  

Shift to Opt-In for Group Life Will Have Minimal Benefit

Moving group life insurance cover to an opt-in basis for people under 25 would do little to address superannuation balance erosion and would cost the Australia economy around $2.4 billion per year, according to research released by AIA Australia. (more…)

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0 · June 8, 2018 in Superannuation  
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OnePath Launches New Portal For Group Life Members

ANZ has expanded its OnePath service offering to superannuation fund trustees and members with the launch of new digital tools that allow them to access information about ongoing life insurance claims. (more…)

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0 · June 5, 2018 in Company News, Services, Superannuation  

Govt Report Claims Insurance in Super Code Falls Short

The voluntary code of practice for group life insurance providers falls short of what is expected of an industry code of conduct and doubts have been expressed about its ability to deliver material improvements to super fund member, the Productivity Commission has claimed. (more…)

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0 · May 29, 2018 in Compliance & Regulation, Products, Superannuation  

MLC Life Signs Second Fund to Group Life Platform

MLC Life Insurance will roll-out its group life insurance digital portal, LifeView, to the 100,000 member industry fund Vision Super, the second move of its kind in the past six months. (more…)

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0 · May 25, 2018 in Products, Superannuation, Technology  
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Group Life to Become Opt-In for All Younger Members

All group life insurance will be offered on an opt-in basis for members under the age of 25 as part of new Federal Budget measures to prevent the erosion of superannuation balances by insurance premiums. (more…)

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0 · May 8, 2018 in Superannuation  
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Super Trustees Urged to Adopt Life Insurance Code

The deputy chair of the life insurance regulator has called on superannuation trustees to adopt the Insurance in Super Working Group (ISWG) Code of Practice well ahead of its 2021 final adoption date. (more…)

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1 · March 13, 2018 in Compliance & Regulation, Superannuation  

Super Fund to Reduce Premiums by $100 Million

AustralianSuper will reduce risk insurance premiums for its members by up to 20 per cent and reduce the overall levels of premiums paid by $100 million over the next financial year. (more…)

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7 · February 16, 2018 in Products, Superannuation  

Super Fund Removes Insurance From New Product Offering

AustralianSuper has removed default life insurance from a new superannuation product that will be available to short term employees, in an effort to avoid erosion of fund balances due to insurance premiums. (more…)

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0 · January 16, 2018 in Company News, Products, Superannuation  

Adviser Receives EU Over Insurance Switching Advice

ASIC has accepted an enforceable undertaking (EU) from a NSW adviser after it found he switched insurance and superannuation for clients without considering their current arrangements. (more…)

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0 · December 19, 2017 in Compliance & Regulation, Superannuation