Our Insurance Short Form Underwriting initiative allows advisers to transfer eligible clients’ existing group insurance cover levels into a Priority Protection for Platform Investors retail policy, subject to limits, using a streamlined four question Personal Statement.
 

When consolidating superannuation, it's common for advisers to retain a small balance in an existing fund so a client can keep their default group insurance cover while moving most assets onto a wrap platform. While this can help maintain cover, it may also result in multiple super accounts and ongoing fees that gradually erode retirement balances.

 

There can also be administrative risks. Retained accounts may be considered inactive or fall below minimum balance thresholds, which can lead to automatic cancellation of insurance under the Protecting Your Superannuation and Putting Members’ Interests First reforms.

 

This initiative is designed to address those challenges by enabling eligible group insurance cover to be transferred into a retail policy through a simplified underwriting process. By doing so, advisers can support a more efficient move to a platform structure while reducing administrative complexity and the need to maintain insurance in low balance or closed accounts.

 

The Insurance Short Form Application Form is available through our Adviser Portal, supporting the integration of retail insurance into platform arrangements in a more streamlined and consistent way.

 

This approach reflects our ongoing focus on reducing administrative burden for advisers and supporting stronger client outcomes, particularly where superannuation consolidation and continuity of insurance cover are key considerations.