{"id":64619,"date":"2023-02-21T19:07:17","date_gmt":"2023-02-21T08:07:17","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=64619"},"modified":"2024-10-30T08:41:58","modified_gmt":"2024-10-29T22:41:58","slug":"latest-poll-role-of-life-insurance-inside-super","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/02\/21\/latest-poll-role-of-life-insurance-inside-super\/","title":{"rendered":"Latest Poll &#8211; Role of Life Insurance Inside Super"},"content":{"rendered":"<div id=\"polls-296\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Are you concerned there is no reference to life insurance or protection in the Government's 'Legislating the objective of superannuation' Consultation paper?<\/strong><\/div><div id=\"polls-296-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Yes <small>(70%)<\/small><div class=\"pollbar\" style=\"width: 70%\" title=\"Yes (70% | 85 Votes)\"><\/div><\/li>\n\t\t<li>No <small>(19%)<\/small><div class=\"pollbar\" style=\"width: 19%\" title=\"No (19% | 23 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(11%)<\/small><div class=\"pollbar\" style=\"width: 11%\" title=\"Not sure (11% | 14 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_296_nonce\" name=\"wp-polls-nonce\" value=\"cdf8cddb80\" \/>\n<\/div>\n\n<p>The lack of any reference to life insurance in the Government&#8217;s &#8216;objective of superannuation&#8217; consultation paper gives rise to our latest poll question.<\/p>\n<p>Already widely reported and discussed since its release earlier this week, the <a href=\"https:\/\/treasury.gov.au\/sites\/default\/files\/2023-02\/c2023-361383.pdf\" target=\"_blank\" rel=\"noopener\">14-page document<\/a> makes no direct reference to insurance, life insurance or protection, while the only mention of risk is within the context of helping manage financial risks in retirement.<\/p>\n<p>Indirect reference to life insurance and\/or protection could potentially be interpreted in this statement in the consultation paper, which refers to the secondary objectives of superannuation which it says will not be taken into account:<\/p>\n<p><em>A secondary, or subsidiary, set of objectives or principles in legislation is not proposed. This seeks to ensure the focus remains on a single, comprehensive objective \u2013 both in drafting and once legislated. It also reduces the risk that secondary objectives, many of which may in fact be benefits of the system, become contradictory with each other, or counter the clarity of the primary objective.<\/em><\/p>\n<blockquote><p>&#8230;Australia&#8217;s economy and member outcomes are best served when superannuation is underpinned by life insurance<\/p><\/blockquote>\n<p>Following the release of the consultation paper, the still-fledgling <a href=\"https:\/\/cali.org.au\/\" target=\"_blank\" rel=\"noopener\">Council of Australian Life Insurers<\/a> clearly felt a need to issue a statement reminding the Government and the broader financial services sector that it believes Australia&#8217;s economy and member outcomes are best served when superannuation is underpinned by life insurance (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2023\/02\/21\/insurance-in-super-critical-to-a-dignified-retirement-cali\/\" target=\"_blank\" rel=\"noopener\">Insurance in Super Critical to a Dignified Retirement&#8230;<\/a>).<\/p>\n<p>CALI&#8217;s statement adds that insurance in superannuation &#8220;&#8230;is critical to ensuring Australia\u2019s superannuation system is equitable and sustainable.&#8221;<\/p>\n<p>Should CALI and other stakeholders be concerned at the lack of reference in the consultation paper to the role played by life insurance in Australia&#8217;s superannuation sector &#8211; or might this eventually emerge only as a storm in a tea cup?<\/p>\n<p>Tell us what you think and we&#8217;ll report back next week&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The lack of any reference to life insurance in the Government&#8217;s &#8216;objective of superannuation&#8217; consultation paper gives rise to our latest poll question. Already widely reported and discussed since its release earlier this week, the 14-page document makes no direct reference to insurance, life insurance or protection, while the only mention of risk is within [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":64622,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49,5622],"tags":[],"class_list":["post-64619","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-polls","category-superannuation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/64619","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=64619"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/64619\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/64622"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=64619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=64619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=64619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}