Vision Super names new life insurer

Vision Super is welcoming a new life insurance provider from 1 January 2018.

MLC Life Insurance will provide default life insurance cover to Vision Super's 10,000 member base for death, total and permanent disablement (TPD), and income protection.

MLC Life was selected after an extensive tender process saw it provide the best value for members and a seamless online experience.

Vision Super previously held a long-standing relationship with CommInsure for the fund's self-insured death and TPD insurances, as well as income protection.

Vision Super chief executive Stephen Rowe said the super fund has kept premiums steady over the last three years and guaranteed rates are locked in for the next three years, meaning no premium increases for the vast bulk of its members.

"But we haven't kept rates low by slashing and burning the cover our members need," he said.

Rowe added over the last five years, most funds have either kept the level of cover the same or premiums have risen substantially - in some cases jumping as much as 300%.

"We not only want to make sure members are paid when they have a genuine claim, we want to help them stay healthy, and help them recover and return to work if they do get sick or have an accident," he said.

"We're a values-based fund. Our members are at the heart of everything we do. We wanted great value insurance premiums for our members, and we got that. We also wanted a seamless online experience for our members - so they can increase their insurance, lodge a claim, and check on the progress of their claim online."

The super fund has about $8.8 billion in funds under management.

Separately, MLC Life recently announced base premium rates for retail life insurance policies will remain on hold until October next year. This affects MLC Insurance, MLC Insurance Super, Protectionfirst, Personal Protection Portfolio and Life Cover Super retail customers.

Read more: Vision SuperMLCLife Cover SuperMLC Life InsuranceStephen Rowe
Link to something U5U2jClj