POWERED BY MOMENTUM MEDIA
AusSuper extends early release payout for terminally ill
Public sector division members of AustralianSuper who are terminally ill are now able to access early release of superannuation and insurance payouts.
This follows the industry fund's decision in July to pay out life insurance benefits to terminally ill members in the industry, Finsuper, and personal divisions with a life expectancy of up to 24 months.
AustralianSuper head of insurance product, Richard Weatherhead, said "AustralianSuper wants to make sure any additional stress and trauma is minimised for members during what is an already very difficult period".
"This will go some small way towards making members' lives more comfortable and allowing them and their families a greater level of dignity and financial security," he said.
AustralianSuper said there would be no change to members' insurance premiums before the next premium review.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
