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Showing 11 - 20 of 79 results for "Default insurance"

AMP names new group insurer

KARREN VERGARA  |  MONDAY, 22 JAN 2024
AMP has named a new default insurance provider for its superannuation offering to replace Resolution Life. TAL is the new group insurer for AMP Super Fund, which includes its flagship product SignatureSuper. Commenting on the transition, AMP general ...

Industry fund cuts insurance costs

ANDREW MCKEAN  |  WEDNESDAY, 9 AUG 2023
... premiums for death, terminal illness, TPD, and income protection cover. First Super reduced the weekly cost of its default insurance cover, prompted by fewer than expected claims in previous years. For death and TPD insurance, members engaged in blue-collar ...

AFCA outlines systemic issues in wealth management

ANDREW MCKEAN  |  TUESDAY, 23 MAY 2023
... the matter to ASIC and APRA. Another troubling discovery pertained to the inappropriate lapse of members' default insurance. AFCA said a trustee didn't adequately inform members of their right to retain their default insurance cover by either ...

Still work to be done on group insurance: ASIC

JAMIE WILLIAMSON  |  WEDNESDAY, 22 MAR 2023
... ADL definition, ASIC said. ASIC also flagged that trustees were not adequately monitoring member value from default insurance, with wide variation in the design and pricing of default insurance. Some members were paying over 12 times for cover at some ...

Future-proofing the super system: Rees

CHLOE WALKER  |  TUESDAY, 21 MAR 2023
... the best defenses against people coming back to it, and an argument for early access is having a comprehensive default insurance policy." Rees said a legislated purpose for super will provide clarity around its intent and key principles, which will reduce ...

ASFA, Deloitte recommend group insurance changes

ANDREW MCKEAN  |  FRIDAY, 3 JUN 2022
... $1.2 trillion, equivalent to 34% of the total sum insured across life, TPD, and IP," the report said. Although default insurance can generate benefits in aggregate terms, current approaches were signalled as being too broad. By using richer data to better ...

Media Super apologises for major calculator error

JAMIE WILLIAMSON  |  THURSDAY, 6 JAN 2022
... change that would have impacted the calculator's projections came in March 2016 when the fund made changes to its default insurance premiums. Other changes made over the years that were not reflected by the tool include administration fee and insurance ...

AMP in enforceable undertaking

JAMIE WILLIAMSON  |  TUESDAY, 16 NOV 2021
... has made several determinations, including that AMP's failure to provide over 2000 MySuper members with default insurance cover between 2014 and 2019 is likely a breach of the SIS Act, and that AMP did not effectively ensure that insurance premiums ...

Aussies in the dark over super stapling

ANNABELLE DICKSON  |  MONDAY, 1 NOV 2021
... savings for people, but without action from Parliament there is a risk some people will lose access to affordable default insurance cover in their super," Super Consumers Australia director Xavier O'Halloran said. "The greatest benefit of default ...

FSC to ban occupational exclusions

ANNABELLE DICKSON  |  TUESDAY, 12 OCT 2021
... solutions to problems that arise from occupational exclusions in MySuper products. Occupational exclusions in default insurance policies affect the automatic acceptance of default cover for some new MySuper members and may also have significant consequences ...