TAL scores new super fund mandate

TAL has won another group insurance mandate, replacing Zurich Australia.

The insurance cover for Virgin Money Super members will now be provided by TAL.

The fund, which is part of the Mercer Super Trust, said it regularly reviews its insurance arrangements to ensure members were getting value for money from their insurance.

As part of its negotiations with TAL, premiums paid by members will remain as they currently are until 30 June 2028.

Among other changes, members will also have increased maximum cover amounts of tailored insurance.

The maximum amount of death cover rises from $5 million to unlimited, for terminal illness it doubles from $2.5 million to $5 million, and the maximum for TPD will rise from $2 million to $3 million.

Zurich had held the mandate for some time, with it most recently renewed in 2022.

The change was effective in late April.

According to the most recent APRA statistics, Virgin Money Super has about $1.45 billion in funds under management. This is spread across about 127,000 member accounts.