AonAustralia Master Trust has introduced a new age-based, minimum level default death and disablement insurance cover for its corporate superannuation members and death only cover for its personal super mem_bers as a way of addressing Australia’s underinsurance problem.
With no medical required, the cover is being provided as a once-off offer of up to $200,000 to eligible current members and automatically from July 1 to eligible new corporate members.
Aon worked with its group insur_ance partner AIG Life to develop the new benefit, which AIG head of group insurance Damien Green said would automatically provide a minimum level of insurance cover.
“To ensure that the benefit is not diminished over time by inflation, it is linked to CPI (consumer price index) and will be reviewed annually,” Green said.
