Almost 75% of working Australians are aware they have insurance within their superannuation and have reviewed it, but do not know nor understand the benefits or details, according to a survey by MetLife.
The life insurer surveyed more than 1,500 employees aged between 18 and 64, aiming to understand the level of engagement and awareness of life insurance inside superannuation.
Almost 70% of employees are satisfied with their group insurance cover, but are unaware that they can change their level of cover.
Those who modified the level of their insurance cover, 29% said they did so after their financial adviser recommended it, while 20% reviewed it after receiving communication from their super fund.
When it comes to specifics, 72% of respondents had limited knowledge of what the policies covered, with the majority more cognisant of what death cover entails compared to illness or accident protection.
A major concern for 59% of employees was insurance companies' ability to pay claims.
MetLife Australia chief executive Ms Deanne Stewart said that the good news is that awareness exists, and the next step will be working with the super funds to take practical actions and engage members during key critical moments such as getting married or buying a home.