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Industry fund appoints MetLife as new insurer

Industry fund CareSuper has announced it will partner with MetLife, moving on from CommInsure when its existing contract expires at the end of this year.

CareSuper said it decided to appoint MetLife as its new insurer starting from 1 January 2017, following an extensive tender process.

Chief executive of CareSuper Julie Lander said while MetLife will initially take on the existing benefit design and terms, the two companies will work together on future design options to ensure CareSuper continues to provide meaningful and relevant cover for its members.

“We understand that insurance through superannuation is often the only cover people have, so default arrangements need to meet the majority of members’ needs as well as the flexibility to be tailored to meet specific requirements,” Ms Lander said in a statement.

MetLife chief executive Deanne Stewart said the company is excited that CareSuper has chosen to partner with it.

“We share a common belief in the positive role default insurance has inside superannuation, ensuring those who can’t work to save for their retirements are still protected,” Ms Stewart said.