MetLife Australia has embarked on a national campaign to raise awareness of the default insurance that automatically comes with their superannuation. This can provide a valuable safety net, should the worst happen.
According to Metlife Australia’s CEO Deanne Stewart, “One in five Australian families will be impacted by the death of a parent, or a serious accident or illness resulting in that parent being unable to work. Without insurance inside super, the vast majority of working Australians would have little to no form of lifestyle protection,” said MetLife Australia CEO Deanne Stewart.
“We have spoken with many claimants who were not aware they had insurance until either a friend, a work colleague or a financial adviser told them. We regularly hear from superannuation fund members who tell us this insurance has made a significant difference to their life.
“There are also people working in high-risk occupations, such as mechanics, abattoir workers, and forestry workers who, without access to group insurance, simply would not be able to obtain affordable cover.”
MetLife is working with superannuation fund trustees and asking them to join in this campaign. “We have been speaking with our super fund partners about how we can work together in true partnership to raise awareness of the importance of insurance inside super,” Deanne said.
“Default insurance inside super is the most efficient way to provide affordable insurance cover to almost all working Australians, who may not consider or be able to afford a retail insurance product.” said Deanne.