The case of how one REST Industry Super member was denied a payout on her disability insurance highlights much broader problems in the system.
Most Australians, although they might not realise it, pay for three types of insurance via their super fund. Death cover, total permanent disability (TPD) cover, and income protection are standard inclusions.
Individuals typically have the option to pay more to increase their coverage or opt out completely, but low levels of financial literacy and poor engagement with super means most people just stick with the default.
Australian workers have 9.5 per cent of their earnings garnished from wages as super. All parties that profit from this arrangement have an obligation to ensure default insurance cover is fair and represents good value.
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