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It appears the timing of the Government’s changes to insurance inside superannuation could not have come at a worse time.
Confronted by almost record levels of inquiries to call centres, superannuation fund executives have again canvassed extending the scope of intra-fund advice.
The Government needs to rethink its approach to hardship early access to superannuation to ensure the criteria is tightened and the possibility of rorting removed, according to SuperRatings.
The major life insurers have placed advisers on notice that the middle of the COVID-19 pandemic is not the optimal time to be seeking to switch clients, including health professionals, between policies.
There was no consultation with major superannuation fund organisations about the Government’s plan to allow people early access to their superannuation, prompting funds to urge that it be a closely-monitored avenue of last resort.
