Life insurance that meets lifestyle? Equip Super seeks change

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.”

How does life insurance via super work?

Life insurance provided through super funds is traditionally not a tailored product compared to standalone policies. The details of life insurance are set out when someone signs up and are managed without direct consultation.

The service is generally much cheaper than taking out a tailored policy, but it usually does come with a small fee which is taken out of the super balance. The main issue with these kinds of life insurance policies is that they only offer a limited level of cover which isn’t necessarily tailored to suit specific circumstances or life stages.

The future of super fund life insurance

The impacts of the pandemic have made Australians more aware of how life insurance and superannuation can affect their long-term financial stability. 

This is why Equip is shaking things up with a more customised approach, according to Cumming.

“The financial uncertainty arising from COVID-19 and its impact on many super balances can only increase demand for flexibility and products that reflect members’ current situation as well as their longer-term goals,” she said.

“I believe a more flexible, personalised approach to super life insurance will become a growing trend.”

If you’re in a situation which requires more flexibility right now, look into some of the life insurance offerings below.

Compare standalone life insurance policies - last updated February 27, 2021

Search promoted life insurances below. Advertiser disclosure.
  • Mozo Experts Choice 2020
    Life Insurance

    Protect your family with award-winning life insurance from NobleOak, the Experts Choice Award Life Insurer of the Year for two years running. NobleOak’s competitive covers include Life, Income Protection, TPD, Trauma and Business Expenses, to give you the security you need. Apply now to receive your first month of cover free!

  • Mozo Experts Choice 2020
    Life Insurance

    Enjoy the benefits of award-winning direct life insurance with Insure Me Now's convenient online application. With simple and affordable life insurance solutions, Insure Me Now brings you security that is 100% Australian owned and operated for cover you can trust.

  • Life Insurance

    Get the peace of mind you deserve with cover up to $1.5mil (t&cs) with Zurich Life Insurance and a bonus first month's cover for FREE! Get one of the highest standards of cover with Zurich's commitment to protecting you. As a member of one of the world's largest insurance companies, get the cover you want with a fast and easy application online or over the phone.

*Any information provided on this page should be considered a summary and general advice only. All information should be verified before purchase via the relevant Product Disclosure Statement (PDS).

^See information about the Mozo Experts Choice Life Insurance Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.