Retirement
Popular insurance strategy can be 25-40% pricier than other options
Retirement
Popular insurance strategy can be 25-40% pricier than other options
A group of accountants and advisers across Australia are prompting their clients to review the default insurance they hold in their superannuation, after finding it can be up to 40 per cent more expensive than other options on the market.
Popular insurance strategy can be 25-40% pricier than other options
A group of accountants and advisers across Australia are prompting their clients to review the default insurance they hold in their superannuation, after finding it can be up to 40 per cent more expensive than other options on the market.

Accounting and advisory firm HLB Mann Judd assessed life insurance policies held within superannuation in the wake of the royal commission, and found some worrying pricing results for investors.
“While these policies were once a cheaper option compared to retail insurance, we are finding that they are now mostly more expensive, often by as much as 25 per cent or even 40 per cent,” the firm said in a communication to clients this week.
Further, HLB Mann Judd is concerned by the quality of some coverage in default packages – particularly when it comes to the fine print.
“It is far too common to see trustees of some superannuation funds, particularly industry funds, signing off on amended policy wordings that result in significant detriment to policy holders, and often without their knowledge,” the firm said.

Accepting default insurance policies in a superannuation fund – such as life insurance, total and permanent disablement insurance, and income protection insurance – is a popular option for Australians with managed superannuation funds.
Royal commission puts insurers on notice
The royal commission has heard how insurance providers have been inappropriately dealing with their clients and prospective clients.
Earlier this month, the royal commission heard how one insurance provider sold their products over the phone to vulnerable Australian investors, including some with disabilities.
You can read more about this here.

Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more

Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more

Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more

Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more

Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more

Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more

Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more

Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more

Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more

Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more

Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more

Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more

Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more

Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more

Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more

Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more