MetLife Australia has announced the launch of a national campaign to raise awareness of group insurance among working Australians.
MetLife says it wants more Australians to understand that the default insurance that automatically comes with their superannuation can provide a valuable safety net should the worst happen.
The insurer is working with superannuation fund trustees and asking them to join the campaign.
MetLife Australia chief executive Deanne Stewart said, without insurance inside super, the vast majority of working Australians would have little to no form of lifestyle protection.
“We have spoken with many claimants who were not aware they had insurance until either a friend, a work colleague or a financial adviser told them,” Ms Stewart said in a statement.
“Without insurance inside super, the vast majority of working Australians would have little to no form of lifestyle protection.”
Ms Stewart said MetLife is also working with the Insurance in Superannuation Working Group to further enhance product design.
This is to ensure balances are not unduly eroded and to provide trustees with more flexibility so they can tailor support to meet members’ needs, she said.