COVID-19 and your Life Insurance
COVID Total and Permanent Disability Claims Initiative
Life insurance companies participating in this initiative agree to ensure that if people lose their job, are stood down or have reduced working hours due to COVID-19,
until 27 September 2020, this will not affect their total and permanent disability (TPD) cover if they make a claim.
For more details on this and other FSC life insurance industry initiatives, including the COVID-19 Commitment to Frontline Healthcare workers, please see here.
Early Release of Superannuation
The ATO is now accepting applications for the early release of superannuation for those impacted by the COVID-19 crisis. Eligible individuals can apply through myGov to access up to $10,000 of their superannuation this financial year, and up to $10,000 between 1 July and 24 September 2020.
For individuals, see:
MoneySmart – information about the scheme, and what to think about before accessing your super
ATO – information about early release of superannuation and how to apply
AFCA – information from the Australian Financial Complaints Authority
You may also contact your super fund or financial adviser
For financial services professionals, see:
ATO – continually updated information about design and implementation of the scheme
APRA – APRA’s COVID-19 FAQ’s include information on the early release scheme
ASIC – ASIC’s COVID-19 FAQ’s include information on the early release scheme
The Financial Services Council (FSC) is a leading peak body which sets mandatory Standards and develops policy for more than 100 member companies in Australia’s largest industry sector, financial services. Our Full Members represent Australia’s retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. Our Supporting Members represent the professional services firms such as ICT, consulting, accounting, legal, recruitment, actuarial and research houses.
The financial services industry is responsible for investing almost $3 trillion on behalf of more than 14.8 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange, and is the fourth largest pool of managed funds in the world.
OUR MEMBERSHIP OF THE INTERNATIONAL INVESTMENT FUNDS ASSOCIATION (IIFA)
The Financial Services Council (FSC) is a member of The International Investment Funds Association (IIFA), an association which provides a forum for global information-sharing and collaboration to promote the investment fund industry. www.iifa.ca