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Insurance in superannuation critical to a dignified retirement for Australians

The Council of Australian Life Insurers (CALI) welcomes today’s release of the Australian Government’s ‘Legislating the objective of superannuation’ consultation paper. 

CALI believes Australia’s economy and member outcomes are best served when superannuation is underpinned by life insurance. Many Australians will become injured or seriously ill and will not be able to participate fully in an active working life. 

“Having insurance in superannuation means that Australians have a safety net when faced with major illness or disability,” says CALI Chief Executive Officer Christine Cupitt. 

“Insurance in superannuation can step in to meet their financial need first, which helps to protect superannuation balances and enable a dignified and financially secure retirement.” 

The Life Insurance industry will contribute to the united effort to create a more sustainable superannuation system and will participate in the consultation. 

“Insurance in superannuation is critical to ensuring Australia’s superannuation system is equitable and sustainable,” says Ms Cupitt.