Industry Super Australia (ISA) is a strong supporter of the distribution of group
insurance on an opt-out basis to most members of MySuper products that is
appropriate to the membership of each superannuation fund and consistent with
maximising retirement benefits to members.
Group insurance within superannuation is a cost effective means by which members of
superannuation funds can obtain insurance cover to assist members and beneficiaries
cope with the costs associated with death, disability and long-term illness. Most life –
and a significant percentage of disability insurance in Australia – is provided via group
insurance within superannuation.
We welcome the opportunity to comment on some of the issues raised by the
“Universal terms for insurance within MySuper Issues Paper” (“the Issues Paper”).
Many of the questions raised in the Issues Paper will only be capable of being
answered for policy purposes following further detailed consultation with the
superannuation industry. We therefore limit this submission to commenting on a
number of high-level matters raised by the paper.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.