Review started into occupational exclusions

3 September 2021
| By Laura Dew |
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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.”

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