CareSuper said it decided to appoint MetLife as its new insurer starting from 1 January 2017 following an extensive tender process.
CareSuper chief executive 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.
She said CareSuper wants to support members and their beneficiaries in this process as much as possible, assessing the relevant circumstances fairly and promptly to enable members to organise their affairs.
“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 thrilled CareSuper has chosen to partner with MetLife.
“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.
“We look forward to providing CareSuper and its members the utmost care, support and industry-leading global best practice.”
CareSuper expressed thanks to CommInsure for its partnership with the fund over the past 10 years.
So in other words, you have no idea what the insurance cover terms, conditions, benefit periods, waiting periods, and such will be like in the future.