Government changes to protect your super
The Government rolled out laws in 2019 aimed at protecting your super savings by making sure your balance isn’t reduced by the cost of insurance that you may not need or be able to claim on.
Stops us from providing insurance cover to you if your super account is inactive (inactive means, your super hasn’t received a contribution or a rollover for over 16 months) - unless you choose to keep your insurance cover. This change started from 1 July 2019. Don’t worry though – we’ll send you regular reminder notices if your account becomes inactive, so you can act before your insurance cover is cancelled.
It's important to consider if having insurance in super is right for you. It's about making sure that you have the right type and amount of insurance cover to meet your financial means now and in the future, becase cost of insurance is deducted from your super savings.
It’s also about making sure that you’re not paying for insurance cover that you may not need. If you have more than one super account, you should consider how paying multiple insurance premiums will affect your super savings.
Find out more on our Think ahead. Act now for the future section.
If you return the completed Choose to Keep My Insurance cover form, your insurance cover will stay in place until you tell us otherwise, provided there are sufficient funds in your super account to pay for the cost of insurance.