income protection

2014 – a year for going back to basics on insurance

Super funds are taking a step back to review the original purpose of insurance within super, in a bid to recreate a sustainable and relevant offerings for members, says AIA Australia’s newly appointed chief executive Damien Mu. Funds are responding after seeing insurance premiums rise from the third or fourth biggest cost to members, to […]
Investment Strategy

Insurance “pain” invites new approach

Rising insurance claims have seen a number of superannuation funds recently renegotiate premiums, with some pundits predicting it’s the start of broad sweeping changes for large funds. In the last week both Cbus Super and Equip announced changes to their insurance cover, as both funds renegotiated terms with their insurer, Hannover Life Re of Australasia. […]

Tackling lawyer led insurance claims

Some of the most influential people in the group insurance space met in Sydney in March to discuss the sustainability of the sector. The group discussed initiatives to limit lawyer-led insurance claims and to improve data standards. The superannuation member who makes a total and permanent disability (TPD) claim through a lawyer and ends up […]
Investment Strategy

Legalsuper bucks premium trend

Legalsuper has been able to negotiate a three year premium freeze on group insurance with OnePath owing to the low risk profile of its members. It has also gained unlimited death cover, a rise in TPD cover from $2 million to $3 million, a doubling in increased terminal illness benefit to $2 million and increase […]

Mental health management plan ready for 2015

SuperFriend has joined forces with Australia’s seven largest insurers to find ways of reducing the incidence of mental illness among insurance claimants. The charity created by industry superannuation funds is currently helping to scope a project to kick off early next year that will have findings by the end of 2014. The imperative for the […]

Insurance summit reveals changing demands

Only a third of super funds have changed the insurance offer in MySuper products, an Investment Magazine survey has revealed. New benefits are being offered by 19 per cent of funds, while 14 per cent have merely adjusted existing offers according to age groups. The most common new benefit is total and permanent disability cover, […]
Industry View

More than just a product

I was recently at an industry conference where changes to the default-fund system were discussed. Throughout the session, we heard about the impact on employers, insurers, funds and other providers but members – and what was best for them – didn’t rate a mention. In her recently published book, A Super History, Christine St Anne reminds us that super was conceived as policy with social […]