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MIESF takes on TAL for insurance
The Meat Industry Employees' Superannuation Fund (MIESF) will replace its "self-insured" death benefit with group insurance cover by TAL mid-year.
Previously, MIESF was not insured through an insurer but provided an additional death benefit under a "self-insurance" arrangement funded from member accounts at a cost of $5 per week and paid as $260 each fiscal year.
The new arrangements will increase the cost of cover to $5.60 per week paid as two payments of $145.60 in December and June of each year.
Rising group insurance premiums have been widely reported and are occurring due to the increase in claims, according to Australia's leading group insurance providers.
MIESF said members could opt out of death and total and permanent disability cover but could not ditch one without the other. Opt-out members then became ineligible for insurance at any time in the future.
Under Stronger Super reforms, super funds will not be able to offer members insurance without the backing of an insurer.
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