Review started into occupational exclusions

The Government has invited submissions into a review of occupational exclusions in default insurance offered through MySuper products.

The consultation would help the Government to determine the appropriateness of exclusions going forward, those high-risk jobs where default insurance was unavailable.

These jobs affected the automatic acceptance of default cover for some new MySuper members and may have significant consequences if a member changed occupation.

The review would focus on default cover in respect of life and total and permanent disability (TPD) insurance which trustees were required to provide to their MySuper members.

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The Minister for Superannuation, Financial Services and Digital Economy, Senator Jane Hume, said: “Default insurance offered through MySuper products should come with no surprises.

“This review will look at the prevalence of occupational exclusions on default life and TPD insurance offerings within MySuper products to form a view of whether occupational exclusions in relation to default life and TPD insurance in MySuper products are necessary or appropriate.”

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