Superannuation, Life Insurance and leaving it to your loved ones.
- nookodea
- May 15
- 1 min read
We need to look at our Superannuation Death Benefit and any of the insurance policies included. ASIC have identified several superfunds that have failed to meet their obligation with regard to paying out Super Death Benefits in the "Taking Ownership of Death Benefits: How Trustees Can Deliver Outcomes Australians Deserve" report.
The report identifies systemic issues, including poor customer service, ineffective claims handling, and a lack of proactive management, leaving beneficiaries uncertain about their entitlements and the progress of their claims.
Add to this the complexities around tax implications for the recipients of the death benefit and the whole thing is a bit of a minefield, that may result in your family receiving the payment at a significantly reduced amount.
The below articles explain this better than I can, so have a read, have a look at what you have in place and ask your financial advisor the best way to approach this potential outcome, should you kick the bucket before your able to access your Super.
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