Superannuation life insurance code

By David Jacobson The Insurance in Superannuation Working Group (ISWG) has released the Insurance in Superannuation Voluntary Code of Practice for superannuation trustees.
The Code will come into effect from 1 July 2018.
It sets up a framework and standards designed to ensure fund members who cease contributions are not charged fees for unneeded or excessive life insurance cover as well as guidelines for cessation of cover notifications and simpler and clearer processes for fund members to opt out of automatic life insurance.
In particular:
income protection cover will automatically cease 13 months from the date of a member’s last eligible contribution, unless they advise the fund …read more

Source:: Bright Law

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