The Insurance in Superannuation Working Group has released the third in a series of discussion papers as it moves towards developing a Life Insurance Code of Practice for superannuation trustees.

The paper, called Member Communication and Engagement, outlines options for improving member understanding of insurance within super.

Some practical options include use of standardised consumer language and terms, key fact sheets and insurance welcome packs.

Further discussion papers are due to be published in coming months.

“We are considering proposals here that are absolutely unique for the superannuation industry and will help consumer understanding and engagement,” group Chairman Jim Minto said.

“These proposals will help very valuable life insurance cover to be better understood by members, who can in turn make better choices and decisions about their life insurance and superannuation.”

The paper asks for submissions from stakeholders, to be sent to ISWG-PMO@kpmg.com.au by June 2.