“A policy may exclude jobs deemed as hazardous based on working conditions, or offer benefits only to those employed in a specific industry meaning a person who moves into a different role could be ineligible to claim against their own policy after paying premiums if they are injured or ill while working in that role.
“The speed of the proposed stapling legislation roll-out is concerning and allows little time for people to consider their options.”
Snowden noted that previous legislative changes that required members under 25, if they had a low balance, or did not make regular contributions to opt in to keep insurance, leading to many members no longer holding income protection, TPD, or life insurance cover.
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