The Australian Catholic Superannuation & Retirement Fund (ACSRF) has revamped its insurance offering to provide greater benefits and flexibility to members without increasing premiums.
ACSRF chief executive Greg Cantor said Australia was one of the most underinsured countries in the developed world and that changes would hopefully have a positive effect in helping to reduce the size of the problem.
Under the changes, the dollar value for each unit of death and total and permanent disablement (TPD) cover will increase by 8 to 28 per cent, depending on age, with the cost per unit remaining the same.
Members will also be able to increase their coverage without underwriting during a special offer period and be able to choose either age-based unitised or fixed rate cover.
Cover has also been extended from age 65 to 70.
Cantor said the enhancements would give members more options when it came to their insurance, as well as the ability to take advantage of special offers to increase their cover if they needed to.
ACSRF has also increased the income protection benefit from 75 per cent to 85 per cent of salary and claimants will receive the majority of their benefit in a lump-sum payment, with the remainder directed to their super account.
Cantor said the trustees of the fund wanted to make sure members’ superannuation was looked after even when they were ill.
“It’s just another way we’re helping our members prepare for a comfortable retirement,” he said.
ING was continuing to underwrite the insurance and had provided the improved cover because of the fund’s favourable claims experience with the insurer, a statement said.
