Superannuation insurers not essential, says report

Published 27 Oct 2016

A report from one of Australia’s top education institutions has argued that superannuation is not essential to saving. The report comes at a time when insurers are under the gun for negative surveillance techniques and high industry decline rates for TPD claims.

While the report obviously merits further discussion, for those with superfunds it is an important reminder that superannuation is more than a simple retirement fund.

Grattan takes aim at insurers

The Grattan Institute is seeking a radical change to superannuation. The call for change is based on its research that found superfunds account for only 15 per cent of household wealth.

Grattan Institute’s director, John Daley, said that superfunds are the least important saving device, as the average Australian saves as much outside of the super system as it does within.

“Their assets outside are typically as large as their assets inside superannuation, even without counting home ownership. This is so even for households in the 25-to-34 and 35-to-44 age groups who have had high levels of compulsory super for most of their working lives,” he said.

The report focuses on the whole superannuation system but it comes at a bad time for insurers. It is also a reminder for those who are suffering from debilitating injuries or illnesses that superfunds can be used to claim lump sum and income benefits.

Making claims on super policies

While the super system may lack the saving capabilities it argues it has, for those with policies, it is important to remember that claims can be made in relation to injuries. If you are suffering an injury, which has prohibited you from working, you may be eligible to make a claim.

There are a wide variety of claims you can make on your superannuation, these include:

  • Accidental death benefit claim
  • Critical illness claim
  • Income protection insurance claim
  • TPD claim

To ensure that your claim is successful and that the process is handled swiftly and compassionately, make sure you talk to superannuation lawyers experienced in handling disputes. Whether its through legal action or a competent claims process, we have the skills and experience needed to help you obtain a settlement.

At Gerard Malouf and Partners Compensation, Medical negligence and Will dispute lawyers, we have a no win no fee policy that can ensure money is not an obstacle to your claim. Instead of heavy upfront costs, we receive our payment from your successful settlement.

Make sure you talk to an experienced superannuation lawyer today.

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