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Showing 1 - 10 of 79 results for "Default insurance"

Cbus calls for mandatory insurance warnings

ELIZA BAVIN  |  TUESDAY, 28 APR 2026
... high-risk occupations, are unlikely to be able to take out cover outside of superannuation and therefore rely on default insurance in super to provide vital protection. Between April 2020 and 31 December 2025, Cbus said it paid a total of $178.5 million ...

Major super reforms cost members $670m in death benefits: ASFA

KARREN VERGARA  |  FRIDAY, 6 MAR 2026
... Under PYS super funds were mandated to cancel insurance on accounts that are inactive for 16 months. Under PMIF, default insurance cover was removed for members under 25 and for anyone with an account balance below $6000. ASFA estimated that five million ...

BUSSQ streamlines product offering

JAMIE WILLIAMSON  |  THURSDAY, 16 OCT 2025
... The MySuper product was the default, investing members in the MySuper Balanced Growth option and giving them default insurance cover. Meantime, Premium Choice housed eight investment options and included different insurance types, including income protection. ...

Mercer Super sued over 'longstanding and systemic' failures

JAMIE WILLIAMSON  |  THURSDAY, 14 AUG 2025
... insurance premiums not being refunded correctly after members had died; member accounts not being created with default insurance; incorrect investment fees disclosed in product guides; communications not being issued to members when moving from active ...

TPD claim settlements take 'considerably longer': Rainmaker

MATTHEW WAI  |  MONDAY, 12 MAY 2025
... also highlighted that a substantial number of Australians are unaware or do not understand the coverage of the default insurance in super. Further, Rainmaker found that the group insurance market is highly concentrated with just three insurers holding ...

Insurance in super remains a mystery to millions of Australians

ANDREW MCKEAN  |  FRIDAY, 28 MAR 2025
There is still millions of Australians paying for default insurance cover through their superannuation that they don't know about or understand, according to Super Consumers Australia (SCA). SCA found that 19% of people are unsure whether they have ...

Fixing retirement system an election priority: Grattan

JAMIE WILLIAMSON  |  MONDAY, 17 MAR 2025
... track, Grattan said more of the value of the family home should be included in the Age Pension assets test, and default insurance through super should be reviewed, including assessing whether default insurance cover should be provided outside of super. ...

Industry fund merger postponed

ANDREW MCKEAN  |  TUESDAY, 21 MAY 2024
... option, the conservative balanced (pension) option, and the capital guarded (pension) option. Moreover, new default insurance was introduced for new members. In September 2023, Mine Super and TWUSUPER signed a successor fund transfer feed, announcing ...

UniSuper selects new group insurer

JAMIE WILLIAMSON  |  WEDNESDAY, 17 APR 2024
... group insurer to UniSuper, with members to benefit from an enhanced offering, the fund said. UniSuper said its default insurance offering has been improved to provide greater death and total and permanent disablement (TPD) cover at the life stages members ...

Mine Super cuts fees, updates investment options

ANDREW MCKEAN  |  WEDNESDAY, 17 APR 2024
... 50-54 will be invested in growth, and those aged 55 and above in balanced. Mine Super will also soon change its default insurance offer for new members.
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