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The Australian Institute of Superannuation Trustees has welcomed today’s comprehensive report from the Australian Investments Securities Commission (ASIC) on consumer outcomes from total and permanent disability (TPD) insurance.
AIST CEO Eva Scheerlinck said the evidence contained in the report was essential reading for all super trustees.
“Insurance is an integral part of our compulsory super system which provides the vast majority of members with value for money life insurance.
It is incumbent on all superannuation trustees to review this report and ensure that their fund’s TPD offering provides good value and delivers appropriate outcome for members,” Ms Scheerlinck said. “There is no role for junk insurance in superannuation and we need to weed out such products.”
The ASIC report, which examined 2016/17 data from seven insurers, identified that where TPD claims were assessed under the “activities of daily living” definition, they had a concerningly high decline rate. The report also identified problems with lodgement processes, poor communication practices, and excessive delays.
Ms Scheerlinck noted that many AIST member funds had already made changes to their TPD insurance – to further improve their offerings to members. As signatories to the Insurance in Super Code of Practice, AIST member funds are committed to reducing claims handling times and ensuring that policy definitions are accurate and appropriate.
In addition, the newly legislated and soon-to-be-implemented Members’ Outcome test explicitly requires trustees to determine whether their insurance offerings are appropriate, good value and in members’ financial interests.
Media enquiries: AIST Senior Media Manager, Janet de Silva 0448 000 499