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Superannuation members unaware of TPD coverage
The Association of Superannuation Funds of Australia (ASFA) said the new shorter disclosure regime would engage members, many of whom do not realise they have total and permanent disability (TPD) cover as default in their superannuation accounts.
ASFA said a recent survey by Slater & Gordon highlighted the importance of insurance in superannuation, although many Australians did not realise they had it and so did not claim when they could.
"This is an important offering of superannuation to protect you and your family, and the cost of the insurance for many people is often much cheaper in super because of the funds' buying power," ASFA chief executive Pauline Vamos said.
Vamos said the industry welcomed the survey's findings and hoped members' levels of engagement became greater when the shorter PDS regime was implemented.
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