Energy Super has discouraged its members from seeking external legal advice when making a claim on total and permanent disability or income protection insurance.
Energy Super chief executive Robyn Petrou said in some cases, her funds' members had unnecessarily hired lawyers to process their claims, not understanding that they had access to free help.
“Australian workers often don’t realise that they may have TPD [Total and Permanent Disability] and income protection insurance with a third party through their super fund, and that super fund trustees legally have to act in the best interests in relation to the payment of insurance claims,” Ms Petrou said.
“By contacting your super fund in the first instance and speaking to a customer service representative, your fund can quickly let you know what insurance cover you have.
“They can then provide you with the appropriate forms to submit, will check your application before submission, and will provide all documents and information to the insurer on your behalf,” she said.
Ms Petrou claimed that Energy Super focuses on insurance given that most of its members work in the energy and resources industry.
“Acting in the best interests of our members, Energy Super has staff specifically assigned to help members with insurance claims with the aim of making the process as easy and cost-effective as possible,” she said.
The Association of Superannuation Funds of Australia has previously made the same argument as Energy Super, indicating that many Australians think that making a claim through their fund is "too complex".
Equip has secured the $190 million superannuation benefits for more than 1,100 employees of air service provider, dnata. ...
A number of investment managers will adopt fee models that reward investment managers for generating alpha, while others will charge no fees...
APRA has welcomed the Productivity Commission’s final report into the super system despite the commission criticising the regulator’s ro...