Longstanding superannuation fund Equip Super will change how it manages life insurance from 1 October, 2020.Equip chief member officer, Tania Cumming said the changes will focus on increased flexibility and member input.“In reviewing insurance products and talking to our members, they were clear that they wanted insurance that responded to their lifestyle needs. And critically, they wanted us to deliver these options to them rather than them having to construct it themselves,” Cumming said.While some members will see their life insurance premiums increase, Cumming said the changes are designed to meet long-term needs.“Key to getting this right is working to ensure that our insurance products align to members’ lifestyles and financial aspirations as well as offering long-term value, rather than short-term changes. It is important that we take a balanced approach that is both affordable and sustainable.”
As pandemic conditions and restrictions continue to develop across the country, the mental well-being of impacted Australians is becoming a top concern.This has become more evident in national discussions since early August, when Victoria’s lockdown was reinstated – with even tighter restrictions for metropolitan Melbourne – after a sustained spike in Coronavirus cases.In an ABC News Breakfast interview this week, deputy chief medical officer professor Michael Kidd recognised the mental and emotional impact of prolonged isolation.“Please look after each other, please look after your mental health. If you are feeling particularly depressed or anxious as a result of the restrictions which are in place, please reach out to Lifeline, Beyond Blue, the other resources,” he said.
When we’re young we tend to live life on a whim. But as we get older, get married, have kids, grow careers and more, we come to the realisation that life insurance could be an important part of having a sound financial plan. After all, nobody knows what tomorrow holds. The fact is, life insurance can be confusing, and it’s hard to know what you really need. So, it’s important to research and compare the plans that are out there; what they include, how much you’ll pay, and ultimately find one that is aligned with your individual needs. For the second year in a row, Mozo money experts took to the stage, sifted through the nitty gritty of 25 different providers of life insurance to find Australia’s best value and quality direct life insurance for 2020. “Our research showed there were vast differences between features and policies, as well as incredible price variations of up to 50% between similar policies on the market,” said Mozo Experts Choice Awards judge, Peter Marshall.
According to a recently released survey by KPMG and the Financial Services Council, life insurance claims related to mental health increased by a whopping 53% between 2013 and 2018. This new research is very timely, given that a large number of people across the country have just spent months inside due to the Coronavirus pandemic.
In September of last year, the government passed legislation to make life insurance an opt-in inclusion for super funds holding less than $6,000 and for new members under 25. With the economic impacts of COVID-19 dominating financial news in the last few months, you may not have realised these changes came into effect on April 1.
The number of Australians taking out a life insurance policy has dropped by 9% in the last two years, with cost issues proving the largest roadblock in the decision by many households not to take out cover.
Life insurance isn’t the most glamorous of topics, but it’s pretty unwise to ignore it. After all, can you be sure your family won’t be overwhelmed by a wave of financial obligations if something were to happen to you?