Industry superannuation fund Energy Super is urging its members to avoid seeking external legal advice when making a TPD claim and instead to seek advice from the fund itself.
Energy Super chief executive Robyn Petrou said that in some cases, members of the fund had unnecessarily hired lawyers to process their claims, not realising that they had access to free help.
“Australian workers often don’t realise that they may have TPD and income protection insurance with a third party through their super fund, and that super fund trustees legally have to act in their best interests in relation to the payment of insurance claims,” she said.
“People are surprised to learn that it can be a simpler and more cost-effective process to seek advice from their super fund rather than approaching a lawyer."
Energy Super focuses on insurance, with most of its members working in the energy and resources industry, Ms Petrou said.
“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".
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Dec 2018Advice bodies reach code monitoring agreementBy Adrian Flores
- 18 Dec 2018Court lays charges against former Sydney adviserBy Adrian Flores
- 19 Dec 2018Fiducian buys Vic financial planning businessBy Sarah Simpkins
- 18 Dec 2018ASIC permanently bans Victorian adviserBy Adrian Flores
- 18 Dec 2018Melbourne-based dealer group loses AFSLBy James Mitchell
- 18 Dec 2018AFA appoints new chair of women advocacy bodyBy Sarah Simpkins
- view all