Insurance Inside Super
Description
The superannuation industry in Australia has worked hard to raise awareness of super and the default insurance provided within. Encouragingly, more working Australians aged 18 to 64 years are consolidating their super accounts and are increasingly aware of insurance within super. However, many myths still prevail and there is a general lack of knowledge of the benefits that insurance inside super can provide. Many people are also unaware of the actions they can take to ensure their cover meets their individual needs.
This report highlights several key areas where we as an industry can help to improve consumer knowledge and engagement with insurance inside super, communicating simple, actionable steps at key points in time and promoting the benefits of this invaluable protection.
Research notes
Qualitative stage
12 face-to-face interviews Interviews were among super fund members with a reasonable / good understanding of their insurance inside super and were conducted in the last quarter of 2017.
Quantitative stage
A quantitative survey of 1,554 Australians (aged 18-64 years) working full or part time, conducted by Little Triggers, a strategic based market research company, in August 2017. Results are weighted to Australian Bureau of Statistics Labour Force data 2017 for age, gender and geography.