{"id":72605,"date":"2024-07-30T16:47:24","date_gmt":"2024-07-30T06:47:24","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=72605"},"modified":"2024-08-13T10:13:37","modified_gmt":"2024-08-13T00:13:37","slug":"alarming-volume-of-beneficiaries-unaware-of-default-super-life-cover","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/07\/30\/alarming-volume-of-beneficiaries-unaware-of-default-super-life-cover\/","title":{"rendered":"Alarming Volume of Beneficiaries Unaware of Default Super Life Cover"},"content":{"rendered":"

Recent work undertaken by claims services firm, AFRM Claims Advocacy<\/a> (ACA), has revealed that as many as four in every five family groups are unaware their deceased loved ones held default life insurance cover in their superannuation fund.<\/p>\n

This alarming statistic has emerged following ground-breaking work conducted by the firm in collaboration with two of Australia’s largest funeral associations.<\/p>\n

An early trend-setter in the emerging field of independent claims advocacy services, ACA says it is the only claims expert firm to have been accepted as a member of both the National Funeral Directors Association<\/a> and the Australian Funeral Directors Association<\/a>.<\/p>\n

\"\"<\/a>
AFRM Claims Advocacy CEO, Bruno Muraca …80% of families unaware of default life cover inside super<\/figcaption><\/figure>\n

AFRM Claims Advocacy CEO, Bruno Muraca<\/strong>, shared with Riskinfo recent research the firm conducted with the families it has assisted via these two funeral associations, where it found that around 80% were unaware that their loved one held default life insurance in their super fund.<\/p>\n

Giving context to the significance of this finding, Muraca noted most families in the modern world who lose a loved one of working age move from two incomes to one or from one income to none overnight, placing a significant financial strain on what is already a very emotional time for them:<\/p>\n

For some families the life insurance and super death benefit claim is the difference to being able to remain living in the family home rather than selling…<\/p><\/blockquote>\n

“For some families the life insurance and super death benefit claim is the difference to being able to remain living in the family home rather than selling,” stresses Muraca, referencing a situation which he emphasises places both a significant financial as well as emotional impact on the family.<\/p>\n

…reduced level of regular health checks may be a contributory factor resulting in many more Australians failing to secure early detection of potentially fatal conditions<\/p><\/blockquote>\n

Muraca also shared an anecdotal observation around what he perceives to be an increasing incidence of earlier-age deaths post pandemic. He asserts hundreds of thousands of Australian consumers have fallen out of rhythm with what used to be their regular medical check-up cycle. Muraca says this reduced level of regular health checks may be a contributory factor resulting in many more Australians failing to secure early detection of potentially fatal conditions, thereby leading to what he suspects to be a spike in premature deaths from aggressive diseases\/illnesses in recent years.<\/p>\n

Either way, Muraca says the concerning level of ignorance apparent in such a significant volume of surviving family members about the existence of default life insurance cover held inside super offers an opportunity for advice businesses and firms such as AFRM Claims Advocacy to add immediate value and support for the beneficiaries of the deceased – in many cases ensuring the family better appreciates the true nature of their financial position, mostly on a more favourable footing than otherwise believed by the family to be the case.<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent work undertaken by claims services firm, AFRM Claims Advocacy (ACA), has revealed that as many as four in every five family groups are unaware their deceased loved ones held default life insurance cover in their superannuation fund. This alarming statistic has emerged following ground-breaking work conducted by the firm in collaboration with two of […]<\/p>\n","protected":false},"author":3,"featured_media":72610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-72605","post","type-post","status-publish","format-standard","has-post-thumbnail","category-services"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72605","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=72605"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/72610"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=72605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=72605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=72605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}