Super funds man frontline in war on mental illness

As Australia’s unemployment rate continues to climb, depression and, tragi­cally, suicide, threaten to become larger so­cial problems.

Our superannuation funds stand uniquely poised to help – they are in direct contact with most of Australia’s working population, and as providers of life, TPD and income protection insur­ance, they benefit on many levels from combating mental illness.

Last month, Investment & Technology brought together a roundtable of super fund executives to both share their experiences in this effort, and learn more about the tools available to them – in particular, the Industry Funds Forum initiative, SuperFriend.

The execu­tives also had the chance to learn from two generals in the war on mental illness, from the National Advisory Council on Mental Health and Lifeline. Comminsure, whose pioneering work with SuperFriend you can also read about below, kindly sponsored the event.

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Super funds and insurers confront escalating mental health claims crisis

Mental ill health claims across group and retail life insurance policies are expected to reach more than $4 billion this year, according to data from the Council of Australian Life Insurers and Conexus Financial – a trajectory that is unlikely to change. But the ways that superannuation funds and insurers are dealing with mental ill health are flawed, according to an Investment Magazine roundtable, in partnership with AIA Australia.

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