MLC Life Insurance has made the case for group insurance in a submission to the federal government’s consultation paper on legislating the objective of superannuation.
“The group insurance system plays an essential role in the ongoing importance of Australia’s world-class superannuation system, providing a crucial safety net for working Australians,” MLC CEO Kent Griffin said in a media release on Monday.
The submission underscores the need to recognise the integral role of insurance in superannuation and supplements the industry view the Council of Australian Life Insurers put forward.
MLC said it supports the federal government’s efforts to legislate the objective of superannuation. It also encourages the government to acknowledge the critical role of life insurance as part of that process.