New legislation affecting insurance in super

Recently, the Federal Government introduced the Protecting Your Super package, designed to ensure that members are not paying for insurance cover that they do not know about, or premiums that inappropriately diminish their retirement savings.

If your account is considered “inactive”, the insurance may be cancelled from 1 July 2019 unless you tell the fund not to, or you make a contribution or rollover to the super account. Your super is considered inactive if there have been no contributions or rollovers in the preceding 16 months.

All super funds are required to write to their members, but we know many people may not read or understand their superannuation paperwork.

If you would like to discuss your insurances, and whether they are appropriate, or you need a review of the levels of cover and associated premiums, please contact us or speak to your Financial Planner directly.

Published : 16 May 2019

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