Best-value death and TPD cover in super revealed

Best-Value Death & TPD Insurance - Men - MLC MasterKey Business Super + Acenda

Kenneth Ghi, head of insurance in super at MLC, says, "We're pleased to be awarded Best-Value Death & TPD Insurance in Super - Men, for our MLC MasterKey Business Super product. This reflects our focus on delivering protection that is both meaningful and affordable for members."

While this award highlights MLC's offering for men, Ghi says, "We recognise that insurance in super plays an essential role in supporting members of all genders during periods of illness or injury."

He adds, "Because premiums are paid from members' retirement savings, insurance must be carefully designed and priced to avoid unintended impacts on long-term outcomes.

"We actively manage our insurance pricing and product features, regularly reviewing premium levels, benefit design and eligibility settings. We also work closely with our insurer to ensure cover remains fit for purpose, sustainable and aligned with members' needs across different life stages."

Acenda, the name behind the group cover for this award, partners with several large super funds and numerous corporate funds.

According to the chief commercial officer of Acenda Group, Sean McCormack, cover is often automatic, with few or no health checks required to access insurance.

"Premiums are paid from members' super accounts and could have tax advantages for members," he says.

"These considerations can often make insurance through super an accessible and affordable starting point for many Australians."

McCormack says, "Our research has shown that almost half of all Australian workers have three months or less in savings to support them if injury, illness, or death prevent them from earning an income."

He adds, "Insurance held through super can provide fund members with good, cost-effective cover that requires few or no medical checks, potentially on terms they wouldn't otherwise be able to access due to their medical history or other risk factors."

Best-Value Death & TPD Insurance - Women - Vanguard Super Savesmart + AIA

Vanguard Super provides default death and TPD insurance cover that is simple to understand and designed to meet members' needs at different life stages. Members can also apply for additional death, TPD and income protection insurance cover to meet their individual needs.

Renae Smith, chief of personal investor at Vanguard Australia, says, "A key contributor to Vanguard Super's strong insurance offer is a disciplined focus on providing value to members."

The fund regularly benchmarks insurance premiums and policy features against a broad range of leading super funds, and does not charge any additional administration fees or margins on insurance premiums.

According to Smith, this approach aligns with Vanguard Super's broader philosophy of delivering 'simpler, smarter super' for members, reflected in its low fees and lifecycle investment option that has delivered strong results for members since launch.

"By keeping our insurance design simple, avoiding additional fees or margins, and focusing on long-term value, we aim to deliver quality, affordable insurance cover that supports members through their working lives," says Smith.

"We're proud to see that approach recognised by Money."

Vanguard's life and TPD insurance is backed by group insurer AIA Australia. Chris Healey, chief group insurance officer, AIA Australia, says,

"We're incredibly proud to receive this recognition. Insurance in superannuation plays a vital role in supporting Australians, but the reality is women continue to face greater financial challenges throughout their lives.

"Lower average wages, extended periods out of the workforce to care for others, and consequently lower super balances mean many women enter retirement more financially vulnerable."

Healey adds, "With almost 60% of our insured members being women, designing sustainable insurance is essential.

"We focus on simple, fair, value for money cover that strengthens women's long-term financial wellbeing and retirement outcomes. This award reflects that commitment and the responsibility that comes with it."

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