Super Consumers research estimates about 15.7 million people do not have a binding death benefit nomination, meaning their super fund can decide who inherits their accumulated super and any insurance when they die.
Not all funds offer binding death benefit nominations, so Australians are being urged to check.
The federal government has been consulting on whether to introduce mandatory time frames for super funds to respond to claims and will soon announce a decision.
Oh please.
A binding death benefit nomination isn’t appropriate for most Australians because the fund will act in accordance with most people’s preferences: spouse > kids > siblings > other relatives.
If you don’t conform to that “most people” pattern, then you should have a binding death benefit nomination.