LGS commits to new Insurance Superannuation Voluntary Code Of Practice (Code)
28 March 2018
LGS is signing up to an industry wide insurance code of practice that commences from 1 July 2018.
The main objective of the Code is to ensure super funds offer members insurance that fits their needs. This includes:
- Designing default insurance cover to be affordable and appropriate for members
- Making it easier for members to opt out of insurance
- Providing information to help members make informed decisions about insurance
- Improving the experience for members making an insurance claim.
LGS is committed to providing the best possible insurance offering for our members. In April 2017, we implemented a new basic insurance design tailored to the general needs and risk profiles of specific age groups. We also reduced the cost of cover for our voluntary Salary Continuance Insurance.
We will continue to implement other insurance enhancements and principles prescribed by the Code over the three year transitional period of the Code.