{"id":37767,"date":"2017-07-24T17:09:36","date_gmt":"2017-07-24T07:09:36","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=37767"},"modified":"2017-07-25T20:13:47","modified_gmt":"2017-07-25T10:13:47","slug":"government-to-simplify-group-life-opt-out","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/07\/24\/government-to-simplify-group-life-opt-out\/","title":{"rendered":"Government to Simplify Group Life Opt-Out"},"content":{"rendered":"<p>The Federal Government will ease the process for consumers to opt out of group life insurance schemes with the current arrangements being labelled \u2018ridiculous\u2019 by the Minister for Revenue and Financial Services, Kelly O\u2019Dwyer.<!--more--><\/p>\n<figure id=\"attachment_37598\" aria-describedby=\"caption-attachment-37598\" style=\"width: 151px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Kelly-ODwyer.jpg\" rel=\"attachment wp-att-37598\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-37598\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Kelly-ODwyer.jpg\" alt=\"The Minister for Revenue and Financial Services, Kelly O\u2019Dwyer\" width=\"151\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-37598\" class=\"wp-caption-text\">The Minister for Revenue and Financial Services, Kelly O\u2019Dwyer<\/figcaption><\/figure>\n<p>O\u2019Dwyer made the announcement as part of a series of wider reforms to superannuation stating the Federal Government has \u201c\u2026tasked APRA with making it easier for consumers to opt-out of automatic life and disability insurance policies provided through superannuation\u201d.<\/p>\n<p>While specific details of a revised opt-out scheme have yet to be released O\u2019Dwyer stated in a number of media interview following the announcement that the Government was concerned about life insurance eroding superannuation balances and the process used to opt-out of life insurance inside superannuation.<\/p>\n<p>Speaking on the ABC AM program O\u2019Dwyer said there was currently 2.7 million Australians with more than two superannuation accounts who were unable to simply opt-out of the default automatic group insurance schemes.<\/p>\n<h6>&#8220;&#8230;a lot of people can\u2019t simply pick up the telephone or get online and simply opt-out&#8230;&#8221;<\/h6>\n<p>O\u2019Dwyer said \u201c\u2026you\u2019d be horrified to learn that in today\u2019s day and age, a lot of people can\u2019t simply pick up the telephone or get online and simply opt-out\u201d adding that \u201c\u2026some people have to pick up a pen and piece of paper and post it in in order to actually opt-out\u201d.<\/p>\n<p>In an interview on 2GB radio, O\u2019Dwyer said some current paper based arrangements require a Justice of the Peace to certify a member\u2019s identity before they can opt-out.<\/p>\n<p>\u201cNow that\u2019s quite clearly ridiculous when a lot of people would be looking at their statements online, where a lot of people would be using their phone to be able to telephone their funds, why can\u2019t they use those devices to be able to opt-out of these arrangements?,\u201d O&#8217;Dwyer said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Government will ease the process for consumers to opt out of group life insurance schemes with the current arrangements being labelled \u2018ridiculous\u2019 by the Minister for Revenue and Financial Services, Kelly O\u2019Dwyer.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,5622],"tags":[],"class_list":{"0":"post-37767","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-products","7":"category-superannuation"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=37767"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37767\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=37767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=37767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=37767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}