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Insurance within super

Insurance within super

Section: 10.1

10.1 Insurance within super

Group insurance

Superfunds and MySuper products can offer these insurance deals because they group their members together into very large, combined wholesale insurance policies. This enables them to buy insurance at cheaper rates because large groups of super fund members are insured under a single insurance policy held in the name of the super fund's trustee.

These superfunds group insurance policies can also be simpler than regular insurance because they are usually based solely upon the member's age or other overall characteristics of the groups. Some super funds may however split members into higher risk or lower risk occupational groups e.g. trade workers versus executive managers, heavy blue collar versus light manual, and white collar versus professional.

This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.

Last modified: Friday, June 23, 2023