From 1 July 2016, Sunsuper introduced, with its insurer AIA Australia, a new insurance policy which provides a benefit called TPD Assist. This insurance policy is significantly different to the Total and Permanent Disability (“TPD”) insurance policy that Sunsuper previously provided to its members.
Read More
Earlier today, the Australian Federal Government confirmed it would be introducing legislation into Parliament to provide for a Royal Commission into the conduct of banks.
Read More
Insurance within Super is designed to top up their retirement income so that they (or their dependants) will not be an unnecessary burden on the age or disability pension system.
Read More
Overall, the new draft Code is a good first step to improve superannuation in insurance, which has had its problems over the last five years. The Code, which is due to commence on 1 July 2018, will be reviewed within three years and this may include seeking ASIC-approval which would be an important step.
Read More
A recent superannuation round-table discussed at length the role of prevention and rehabilitation in insurance. The focus was on the role insurers could play in identifying policyholders who were, for example, at risk of mental illness or suicide and put in place preventative measures.
Read More
A milestone event ticked over on 1 July without much fanfare. It has been 25 years since the introduction of compulsory employment superannuation in Australia. The Keating Labor government introduced legislation which required employers to pay an additional 3% of their employees’ salaries into regulated superannuation funds from July 1992.
Read More