A number of superannuation industry organisations have formed a working group to examine group life insurance.

The Insurance in Super Industry Working Group comprises the Australian Institute of Superannuation Trustees, the Association of Superannuation Funds of Australia, the Financial Services Council, the Industry Funds Forum and Industry Super Australia.

It will also include representatives from consumer groups. The group aims to develop a code of practice and conduct for life insurance in super.

It will develop new standards for trustees and insurers that set a benchmark for industry practice in delivering insurance.

The code will be finalised by the end of next year, but the group intends to make changes to delivery of group life cover throughout the year.