Inadequate disclosure of insurance premiums within the superannuation sector has made it close to impossible for consumers to compare premiums.
In an attempt to make the selection process easier, the specialist superannuation research firm Chant West has called for tighter insurance disclosure rules within the superannuation sector. Chant West additionally put forward a nine-point plan which aims to standardise future insurance disclosure within the superannuation sector and thereby aid the distinction and clarification of insurance premiums.
Chant West's May 2010 Insurance Research Report Plan recommends the following:
Given the ongoing involvement of insurance premiums and their associated financial security, it makes perfect sense to both clarify and highlight the costs and benefits of insurance within super funds.