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.
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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.
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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.
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Along with private insurance for illness or injury, many Superannuation funds also have what we call TPD insurance. This allows you to make a claim on that insurance if you become “totally and permanently” incapacitated by injury or illness. We are often asked, “how long will my TPD claim take?”
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TPD means “total and permanent disability”. It is a form of injury or illness insurance and is often available through your superannuation fund. Do I have TPD cover? Pretty much everyone who has worked has at least one super fund. Most super funds offer insurance cover for TPD and death.
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An article in today’s AFR quotes the submission of ANZ to the Joint Parliamentary Committee which suggests that life insurers come together to establish a claims service to assist customers in making claims. We have seen over the last few years many terrible stories about the financial services industry and conflicts of interest and the push by banks to make a profit at every turn, often at the expense of the customer.
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