Millions Of Australians Have Less Cover In Their Superannuation Than Before
Legislative changes affecting Australian superannuation funds meant that, over the year to June 2020, the number of member superannuation accounts covered with :
- Life insurance decreased by over 30% from 15.0m accounts to 10.1m accounts.
- Total and permanent disability insurance (TPD) also decreased by over 30% from 13.2m accounts to 8.9m accounts.
- Income Protection insurance decreased by over 20% from 5.8m accounts to 4.4m
These reductions were primarily the result of the PYSP and Putting Members’ Interest First (PMIF) reforms.
Insurance policies arranged by Experien Insurance Services to date are almost always issued by insurers on “guaranteed renewable” terms. The broadly means that unilateral changes to your coverage cannot be made without your consent, outside of the initial contractual terms.
To find out more about what this means, and how it may apply to you, contact Experien Insurance Services.
Source : https://www.apra.gov.au/annual-superannuation-bulletin
Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857.This is general information and you should not act on it, or rely on it, without obtaining personal advice. Always read the product disclosure statement (PDS) issued by an insurer before considering to take out insurance. See our website for our Financial Services Guide.
