Changes to insurance
New rules may prompt you to consider whether you need the insurance on your super account.
Recent Government rules aim to protect low balance and inactive super accounts from being inappropriately eroded by fees and insurance premiums. For some members this will mean that their insurance cover has been, or will be, cancelled.
New laws known as ‘Protecting Your Super’ and ‘Putting Members’ Interests First’ mean:
Some exceptions apply: if you are a defined benefit member or your insurance premiums are paid in full by your employer (and they have notified us of this).
You can also elect to keep your cover if you are affected by the new rules (see 'How do I keep my cover?' below).
You can find out how much insurance cover you have by logging into your account and selecting Insurance>Insurance cover in the top menu. Or go to Account options>Insurance details on our app.
If you want to find out what your insurance costs are, check your latest Benefit Statement, or give us a call.
We will contact you if you are affected by these new laws so you can consider whether you want to keep your insurance with us.
We will also let you know you when your account has been inactive for 9, 12 and 15 months, warning you that your insurance will be cancelled after 16 months of inactivity.
Why have cover
You can cancel your insurance cover at any time when you log into your account or by completing an Insurance Request Form for your category. Not sure which form to complete? Call us and we’ll send you the right one.
Further information is also available on the Government’s MoneySmart website. Search for the Insurance through super page, in the section How life insurance works.
A financial adviser can also provide you with recommendations about your insurance. Find out more about our advice services.
If you are unsure about whether you should keep your insurance cover, one of our advisers can provide you with advice about how much cover you should have, over the phone, at no extra cost.
Call us on 1800 555 667 to make an appointment.