24 April 2023
MLC Life Insurance: Life insurance critical to objective of super
The protection of life insurance is part of the promise of superannuation. MLC Life Insurance has made the case for group insurance in a submission to the Australian Government’s consultation paper on legislating the objective of superannuation, underscoring the need to recognise the integral role of insurance in super.
“Insurance through default superannuation cover will continue to grow in importance as the way in which most Australians access life insurance. The group insurance system plays an essential role in the ongoing importance of Australia’s world-class superannuation system, providing a crucial safety net for working Australians”, said Kent Griffin, Chief Executive Officer of MLC Life Insurance.
“As the government seeks to define the objective of superannuation, recognising the role of insurance in super is absolutely critical.”
“Insuring the lives and livelihoods of Australians through group insurance is of the utmost focus for MLC Life Insurance, and advocating for the sustainability of that insurance through industry and retail funds including master trusts is an important element of that focus.”
MLC Life Insurance’s submission supplements the industry view put forward by the Council of Australian Life Insurers and lays out several key areas of focus.
“We continue to work closely with our superannuation partners to provide appropriate cover which protects the member’s wealth from being diminished in the face of unforeseen events.”
“Put simply, public policy must balance protection and wealth, and without adequate insurance through super, Australian families are left facing an event that would otherwise be covered and will see that wealth creation and a dignified retirement put at risk.”
MLC Life Insurance supports the Australian Government’s efforts to legislate the objective of superannuation and encourages the government to acknowledge the critical role of life insurance as part of that process.