Death and total and permanent disablement (TPD) insurance should remain a fundamental part of superannuation fund offerings, according to the Pillar Administration/Super Review 2016 State of the Super Industry Survey.
While the Productivity Commission is reviewing the relevance of insurance offerings within superannuation, the survey has revealed clear-cut support for the role of life/risk within superannuation.
The survey, conducted during the 2016 Association of Superannuation Funds of Australia (ASFA) conference, revealed almost total support for insurance offerings within superannuation as they currently stand.
Asked how important they believed death and TPD cover was in superannuation funds, 52.1 per cent of respondents described it as vital, while a further 38.2 per cent described it was very important and 9.5 per cent described it as useful.
Not one respondent suggested that it was unimportant.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.