Financial Standard Comments - AustSuper denies member exploitation of group insurance

Comment by Mitchell Fleming (Tortoise Financial)

Mitchell Fleming (Tortoise Financial) — Wed, 27 Nov 2013 14:12:08 +1100

Having previously made contact with Australian Super and TAL in relation to their insurance, neither seemed to have an answer when it comes to pre-existing conditions. On being told to read the PDS, it appears that all pre existing conditions are not covered.

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Comment by Tony Virtue (Virtue@Partners)

Tony Virtue (Virtue@Partners) — Wed, 27 Nov 2013 14:22:46 +1100

Check out the joint Directorships of Australian Super and TAL when the AAL's were negotiated (just Google up !)

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Comment by Mervin Reed (Corporate Financial Planning Pty Ltd)

Mervin Reed (Corporate Financial Planning Pty Ltd) — Wed, 27 Nov 2013 14:57:51 +1100

I find it increasingly of interest that people who do not run businesses make some sort of smart comments about how they are being run. In this case Australian Super's CEO Ian Silk has made his case quite clearly that it is not an issue for his trustee's. So whomever has this view had better put up some evidence or go away.

It is the same nonsense that runs around the industry about which company is doing what and experience what in terms of claims. It is all about past underwriting quality and what group business is on the books at what rate. These are all pragmatic business decisions that result in outcomes.

Both TAL and other life companies will make their own decisions without the uniformed views of the Commentariat.

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