Canstar’s analysis of more than 100,000 visitors to its website, canstar.com.au, over the past 12 months found that life insurance within super was among the top three most searched topics.
“More than one-quarter of the more than 100,000 visitors using our online filtering tools over the past 12 months are specifically looking for a super fund that includes income protection,” Canstar general manager for wealth, Josh Callaghan, said.
“Anecdotally, many funds have been telling us that there is a far greater awareness of insurance cover through super now, compared to several years ago.”
Mr Callaghan said there are certain superannuation topics that have enduring appeal and attract thousands of website visitors each month.
“Top of the list is the difference between retail and industry funds, which is a distinction that seems to confuse many people,” he said.
“Superannuation fees are also a hot topic, and life insurance within superannuation rounds out the top three most popularly-searched topics.”
The funds concerned should be made responsible for providing the individual members with the knowledge of the other channels through which they can acquire life insurances and the differences in quality and price that exist between those different channels. This is the scandal that ASIC, the FSC and product providers are being allowed to get away with yet advisers are being targeted as the culprits of peddlers of inappropriate advice to the unsuspecting public. Insurance within superannuation is inappropriate for most people given the changes that came about through simple super, anything other than small levels of cover within a superannuation platform should be avoided but yet are being encouraged. Who in fact is acting inappropriately?