Super fund signs up for life code
MTAA Super has signed up for the Insurance in Superannuation Working Group’s Life Insurance Code of Practice.
It helped develop the code with other funds, insurers and industry associations.
The code sets out measures including easier ways to opt out of cover, reducing incidences of multiple insurance across funds and better support for claims.
From July 1, participating funds have until June 30 2021 to fully implement the requirements.
“The code will go a long way to ensuring Australians continue to have access to affordable and appropriate protection,” MTAA Super CEO Leeanne Turner said.
“It will also reduce any unnecessary erosion of members’ retirement savings.”
Ms Turner says the fund already meets many of the code’s requirements.
Industry super fund REST and ANZ have also signed up for the code.