Members of AustralianSuper who empty out their balances via the Government’s hardship superannuation early release scheme will retain at least a portion of their life insurance cover for a further six months.
Major insurer TAL has confirmed the arrangement which will see those members retain life cover of $10,000 for a further six months at no cost.
Confirming the arrangement, TAL chief executive, Brett Clark said it was part of an arrangement between AustralianSuper and TAL.
“TAL and AustralianSuper recognise that some members seeking financial hardship support through the early release of superannuation, may find themselves without any insurance cover when their superannuation account is reduced to zero and closed,” he said. “To help provide some protection to these members during these uncertain times, AustralianSuper has jointly developed an early release insurance product with TAL.”
Clark said the product provided free $10,000 death cover for a period of six months for members who were previously insured but no longer hold a superannuation account with AustralianSuper.