Review started into occupational exclusions

3 September 2021
| By Laura Dew |
image
image
expand image

color:#333333">The Government has invited submissions into a review of occupational exclusions in default insurance offered through MySuper products.

color:#333333">The consultation would help the Government to determine the appropriateness of exclusions going forward, those high-risk jobs where default insurance was unavailable.

color:#333333">These jobs affected the automatic acceptance of default cover for some new MySuper members and may have significant consequences if a member changed occupation.

color:#333333">The review would focus on default cover in respect of life and total and permanent disability (TPD) insurance which trustees were required to provide to their MySuper members.

color:#333333">The Minister for Superannuation, Financial Services and Digital Economy, Senator Jane Hume, said: “Default insurance offered through MySuper products should come with no surprises.

color:#333333">“This review will look at the prevalence of occupational exclusions on default life and TPD insurance offerings within MySuper products to form a view of whether occupational exclusions in relation to default life and TPD insurance in MySuper products are necessary or appropriate.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transf...

20 hours ago

The International Monetary Fund (IMF) has issued a sobering assessment of the global economic landscape in its latest World Economic Outlook, dramatically revised after D...

22 hours ago

Growth from the listed company’s key businesses has propelled Generational Development Group to new milestones in the three months to 31 March....

23 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND