Kinetic Super has revamped its insurance offering to offer tiered cover and a switch-off facility to protect super balances.
Announcing the insurance revamp, the fund said the changes were aimed at maximising members’ insurance protection at times when they could afford it and reducing it or switching it off when they can’t.
Commenting on the changes, Kinetic Super chief executive, Katherine Kaspar said the fund had identified an inherent need for insurance to offer greater flexibility for Australia’s contingent workforce who made up a large part of the fund’s membership.
“Our tiered cover is particularly beneficial for younger Australians entering the workforce with smaller account balances, who generally can’t afford or don’t want high levels of insurance cover,” she said.
Kaspar said that the switch-off mechanism would cut in if members’ account balances stood at $6,000 and they hadn’t received contributions from their employer for 10 months or more.
The fund said other benefits of the insurance upgrade included competitive premium rates, a 20 per cent reduction in income protection premiums, a doubling of the time within which members could claim on terminal illness cover from 12 to 24 months and improved claims processes.