{"id":38351,"date":"2017-09-18T14:48:06","date_gmt":"2017-09-18T04:48:06","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=38351"},"modified":"2025-09-02T11:33:59","modified_gmt":"2025-09-02T01:33:59","slug":"super-fund-offer-opt-in-insurance-arrangements","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/09\/18\/super-fund-offer-opt-in-insurance-arrangements\/","title":{"rendered":"Super Fund Offers Opt-In Insurance Arrangements"},"content":{"rendered":"<p>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--><\/p>\n<figure id=\"attachment_38352\" aria-describedby=\"caption-attachment-38352\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/09\/rose-kerlin.jpg\" rel=\"attachment wp-att-38352\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-38352\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/09\/rose-kerlin.jpg\" alt=\"AustralianSuper Group Executive of Membership, Rose Kerlin\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-38352\" class=\"wp-caption-text\">AustralianSuper Group Executive of Membership, Rose Kerlin<\/figcaption><\/figure>\n<p>The fund, which has more than 150,000 members under the age of 25, claims the move is an industry first and will save a member, joining at age 15, $637 and will add $1,600, in today\u2019s terms, to a retirement benefit at age 65.<\/p>\n<p>AustralianSuper confirmed to Riskinfo that members under 25 who opt-in to life insurance via the superannuation fund will be automatically accepted. Cover will start automatically for all members when they reach 25.<\/p>\n<p>The changes mean that default death and total and permanent disability insurance available through the fund will, from November 2018, be in line with default income protection insurance which starts for AustralianSuper members at age 25.<\/p>\n<p>AustralianSuper Group Executive of Membership, <strong>Rose Kerlin<\/strong>, said the opt-in arrangement was adopted after an examination of the erosion of account balances of younger members through automatic default insurance premiums.<\/p>\n<p>Kerlin said insurance mainly beneficial to people who have dependents or financial commitments that may be affected as a result of death or total and permanent disability and the fund found that for claims paid for members under 25, only 10 per cent were paid to financially dependent spouses or partners and children.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8294,4,5622],"tags":[],"class_list":["post-38351","post","type-post","status-publish","format-standard","category-claims","category-products","category-superannuation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/38351","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=38351"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/38351\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=38351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=38351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=38351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}