Senator Nick Sherry, Minister for Superannuation and Corporate Law, has today witnessed the signing of a renewed Memorandum of Understanding between mental health sector stakeholders and the life insurance industry.
"I am pleased to formally witness the signing of this Memorandum of Understanding between key mental health sector stakeholders and Australia's life insurers. The original MOU was a world first, and in 2008, Australia continues to lead the world in terms of co-operation and greater understanding by these parties."
"It is important for the insurance industry to broaden access to insurance products for people who have had, or have a mental health condition."
"This accords with the Rudd Government's broader policy agenda of widening assistance and opportunities for those who deal with the effects of mental illness."
The MOU is designed to deliver improvements in the accessibility of life insurance for those with mental illness.
According to a new report on the MOU by the industry and mental health stakeholders, the number of applicants declined insurance due to the existence of a mental health condition has halved since 2003.