Insurance claims in super not complicated: ASFA
Australians have no reason to be concerned about making an insurance claim through a super fund without a lawyer, says the Association of Superannuation Funds of Australia (ASFA).
ASFA chief executive Pauline Vamos there are several “misconceptions” surrounding the complexity and process for making insurance claims within super funds.
"We know that many super fund members are confused about how to make an insurance claim within super and some people believe that making an insurance claim is too complex to tackle without the help of a lawyer, for example,” Ms Vamos said.
"However, the majority of the time claims are paid in a timely manner and they rarely require legal input.”
“Often, involving lawyers can drive up the costs and complexity of the process unnecessarily,” she said.
In order to debunk these “misconceptions” ASFA has released a booklet – called Super Guru – aimed at guiding people through the process of making an insurance claim.
Ms Vamos added “most genuine” claims are straightforward and can be made directly through a members super fund.
"Super fund trustees legally have to act in fund members' best interests, including in relation to the payment of insurance claims,” she said.
"Between 85-90 per cent of insurance claims, on average, have been paid out,"
The booklet consists of an eight-step guide on the insurance claim process, and information on what a person can do if their claim isn’t approved and disagree with the decision.
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