Do you need to rescue your insurance before August 31st?
Did you make a contribution to your superannuation fund in the sixteen-month period prior to 30 June 2019? Do you have insurance within your super? Depending on your answer, it’s really important that you read on.
Australians who ignored their superannuation accounts in the sixteen-month period leading up to June 30 were warned by their super funds that they would lose life insurance cover completely if they didn’t contribute or contact their fund before June 30.
On July 1, the Federal Government introduced its Protect Your Super Package. Life insurance and superannuation are often combined, and Australians who had not contributed to their super for over a year have now had their life insurance policies switched off.1
If you’re one of a number of Australians with an inactive super account, your fund should have communicated with you about the changes already. However, it’s predicted that nearly three million Australians have been affected by the changes.
So what can you do?
The best thing to do is act now.
All you have to do is contact your super fund, or financial adviser, as soon as possible.
If you don’t sort this out BEFORE 31 August, you may have to go through a full medical assessment, which could affect the level of insurance you can obtain, as well as the terms related to your insurance. This will also affect the price you pay for your insurance. If you have a friend or family member potentially affected by the changes, share this article with them.
No one wants to lose under the new super rules.