Insurance for super members with inactive accounts
Government changes to protect your super
The Government has rolled out laws in 2019 aimed at protecting your super savings by making sure your balance isn’t reduced by the cost of insurance.
Want to keep your insurance in super?
Protecting Your Superannuation Package (PYSP)
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.
Consider your insurance in super options
With the new insurance in super laws, it’s an important time to consider if having insurance in super is right for you. It’s about you making sure that you have the right type and amount of insurance cover to meet your financial needs now and in the future, because the 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.
Other options to keep your insurance
- Make sure your super account receives a contribution or rollover to make it active again. You can also set up regular contributions into your account.
- Or look at what other super accounts you have—you may want to consolidate them into one account (also known as a rollover).
- Or download the PDF form and once completed, return it to us.
If you return the completed Choose to Keep My Insurance in Super 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.
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