Aware Super has extended its mandate with TAL and the insurer now also offers cover to VicSuper members.
To date, group insurance for VicSuper members has been provided by MetLife and Aware Super’s by TAL. However, members have been informed that TAL will soon become the fund’s sole underwriter.
“Following a comprehensive tender process, VicSuper members will soon be joining Aware Super members in having TAL Life provide their insurance,” an Aware Super spokesperson confirmed.
“TAL is one of Australia’s largest life insurance companies, providing death and disability insurance to leading super funds such as Aware Super, and has a long-standing relationship with the fund. Consolidating our insurance services with an insurer will help us continue to provide the best benefits we can for our 1.1 million members.”
MetLife acted as VicSuper’s insurer from July 2018, taking over from AMP which had held it since 1994 (then known as Mútua Nacional).
The change will come into effect on November 3, at the same time as several changes are being made to the VicSuper offer.
For example, the fund is changing its default MySuper offering from a single growth investment option to a life cycle product. It will be based on three key stages of life: grow, manage and enjoy.
Meanwhile, the investment options available to pensioners are also being reviewed and a number of new options will be introduced.
The new options include Conservative Indexed, Conservative Balanced Indexed and Conservative Socially Conscious in its diversified offering, and new international stock, property and bond options in the single asset class menu.
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