Queensland public sector fund QSuper is setting up its own insurance company to offer its members death, total and permanent disability, and income protection cover.
According to a QSuper statement, QInsure will operate as a separate company within the group from 1 July.
The move is in response to changes to federal legislation that require all super funds to have their insurance placed with registered life companies from 1 July.
QSuper chief executive Michael Pennisi said the enhanced insurance offering would enable members to personalise their cover to suit their individual circumstances.
"We became concerned that some of our members, for example, police and emergency services workers, wouldn't be able to access appropriate insurance cover," Mr Pennisi said.
"These people perform some of the toughest jobs in the community, and we want to be able to help them create insurance cover that works for them, that they can also change as their life changes."
Mr Pennisi said the establishment of QInsure would enable QSuper to focus on delivering the best possible solutions for members in the future.
"We want to be able to look after our members through the whole claims experience," he said.
"Based on our analysis, creating QInsure was the best solution for our members and is an example of QSuper leveraging its scale to enhance the benefits it provides."
APRA has announced that it will watch super funds more closely and has not ruled out naming and shaming underperforming funds. ...
The head of Australia’s largest industry superfund has warned of the significant changes afoot for those working with other people’s ret...
AMP has reported seeing a spike in queries about early access to super in February. ...