Industry superannuation fund Intrust Super has won the Money Magazine Best of the Best award for Best Value Insurance in Super for the second year in a row, at a time when the industry is seeing unprecedented price rises.
CEO Brendan O’Farrell said that the cost of insurance was an after-thought for many fund members but could materially affect their standard of living in retirement.
“The higher insurance costs of some funds will negate any good returns they are seeing in their investment earnings,” O’Farrell said.
Money Magazine stated: “Its [Intrust Super’s] success reflects the quality of the insurance it offers in all the key areas – life insurance, total and permanent disability insurance and income protection.”
Industry experts have noted a trend of people seeking advice from litigation and personal injury lawyers to make backdated claims, often for incidents many years earlier, which has contributed to the cost increases.
“We would encourage consumers to contact their super fund if they suffer an illness or injury that they believe they are covered for,” O’Farrell said.
“If a dispute arises, then there is a free government tribunal which will review and determine an outcome. This process is more efficient and won’t end up costing the consumer the cost of a lawyer.”
O’Farrell said that Intrust Super endeavoured to be strong in all areas to ensure its members received the best service and he thanked Money Magazine for again acknowledging the Fund’s hard work.
Intrust Super won the Gold on the value for money of the insurance they offered, both qualitatively and quantitatively. This includes insurance rates, terms and conditions and automatic acceptance levels.