What is the Insurance in Superannuation Voluntary Code of Practice?
The Code was developed by a panel of industry bodies such as ASFA, and is the superannuation industry’s commitment to achieve higher standards when providing insurance to members of superannuation funds.
What are the objectives of the Code?
The overarching objective of the Code is to improve the insurance in superannuation offered to you, and the processes by which we provide insurance benefits to you.
In carrying out our commitments under the Code, we will be:
Insurance offered on an automatic basis in superannuation must be appropriate and affordable, and must not inappropriately erode retirement income.
Our communications to you will be clear, timely and in plain language, to assist your understanding of the role of insurance in superannuation and the details of your insurance cover.
We will play a visible role in the claims process, and ensure you receive regular updates as well as a decision on your claim in a reasonable timeframe1.
Will Suncorp adopt the Code?
Yes, we intend to adopt the Code as a commitment to our members. We are taking this opportunity to review our insurance offerings and consider how the Code will improve members’ insurance and experiences with us.
Asteron Life is part of the Suncorp Group, in May 2017 we transferred our Asteron super customers into Brighter Super, more information is available here.
When does the Code start?
The Code started on 1 July 2018 and we have until 30 June 2021 to adopt it. By 31 December 2018, we will publish on our website our transition plan to comply with the standards of the Code.
Where can I find out more about the code?
You can find a copy of the Insurance in Superannuation Voluntary Code of Practice on ASFA’s website here.
Do I need to do anything?
Strictly speaking, no. The Code imposes obligations on superannuation fund trustees who have opted into the Code but not on members. However, you may still wish to review and consider your insurance requirements to ensure that your current arrangements are appropriate for you and your beneficiaries. We recommend you speak with a financial adviser before making any changes affecting your insurance, or your superannuation generally.
1. Quoted from Part 2 of the Code.