As Treasury opens consultation on its draft legislation for the objective of superannuation, MLC Life Insurance has welcomed the government’s commitment to insurance in super, underlining its importance to helping Australians achieve a dignified retirement.

 “The protection of life insurance is part of the promise of superannuation for the more than 24 million Australians insured through their super,” said Mark Puli, Chief Group Insurance Officer for MLC Life Insurance.

“We’ll continue to make the case for group insurance throughout any consultation on the objective of super, as we underscore the need to recognise the integral role of insurance in super and the broader retirement system.”

“The inclusion of life insurance in the explanatory memo that accompanies the objective of super is an important step in ensuring the ongoing protection of insurance in super.”

“As the government seeks to define the objective of superannuation, recognising the role of insurance in super is absolutely critical, and we’re pleased the government has seen fit to do that,” said Mr Puli.

“Default insurance cover through superannuation will continue to grow in importance as the way in which most Australians access life insurance. The group insurance system plays an essential role in the ongoing importance of Australia’s world-class superannuation system, providing a crucial safety net for working Australians.”

“Insuring the lives and livelihoods of Australians through group insurance is of the utmost focus for MLC Life Insurance,” he said, “and we continue to work closely with our superannuation partners to provide appropriate cover which helps protect members' retirement balances from being diminished due to incapacity or interrupted work patterns because of injury or illness.”

“Put simply, public policy must enable super fund trustees to meet their core duties to members, including the provision of insurance in superannuation, which helps to protect members' retirement.”

MLC Life Insurance welcomes the Albanese Government’s inclusion of insurance in their legislation of the objective of superannuation and encourages the government to continue to acknowledge the critical role of life insurance as part of that process.