Jane Hume (Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology) | Hansard source

Members under 25 are more likely to receive little or no value from default insurance policies through superannuation. That's what the Productivity Commission found. In fact, Rice Warner research indicated that those under 25 are paying up to 500 per cent of the true premium. That's what we're trying to protect people from. The government's changes will better safeguard Australians superannuation savings from the excessive erosion that can occur as a result of insurance premiums for inappropriate cover. We will also monitor the way this legislation is implemented.