Published: 13 Oct 2021
Industry Super Australia (ISA) supports the position that members should only pay for insurance through super if that insurance does not inappropriately erode their retirement income and meets their insurance needs.
Insurance offerings with exclusions that are based on a member’s occupation or work activities clearly do not meet the needs of members in those occupations or undertaking those work activities. Instead, the payment of premiums by these members inappropriately erodes their retirement income and means that they do not have the critical safety net that default insurance otherwise provides for members and their dependents should an insurable event occur. Occupational exclusions in default insurance can convert a beneficial arrangement into little more than junk insurance for the impacted employees.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.