Super insurance changes
A number of changes to how your insurance within super works have come into effect. It's important that you understand these changes and how they could affect your insurance. Please take a few minutes to read the information below so you know if there's any action you need to take.
Protecting Your Super
The Protecting Your Super (PYS) legislation took effect on 1 July 2019. It aims to protect super balances from erosion caused by fees and insurance premiums for cover that account holders may not want.
How does it work?
The PYS legislation introduced a few changes to super, including to the provision of insurance within super for certain members. Super trustees are now generally required to stop providing insurance to any member whose account has been inactive for 16 months or more. In this context, ‘inactive’ means your super hasn’t received any contributions or rollovers. To avoid the risk of losing your insurance, you can choose to opt in to being insured at any time.
Who’s affected?
If your account hasn’t received a contribution or rollover in 16 months, your insurance will be cancelled unless you opt in. This could be especially important to note if you’re planning on taking extended leave without pay — if you’re no longer receiving contributions, you may lose your insurance. We’ll provide written notice to you if your account has been inactive for 9, 12 and 15 months.
What do I need to do?
If you want to keep your insurance in super, you’ll need to either:
- receive a contribution or rollover in your account at least once every 16 months or
- opt in to maintain your insurance cover by completing our Insurance — Election to maintain your cover form.
If your insurance is cancelled due to inactivity, you’ll have 60 days to reinstate it by completing our Insurance — Cover reinstatement form. If it has been more than 60 days, you’ll need to complete a new application, and may not receive the same terms as your previous policy.
How do I know if I have insurance?
You can check your current insurance by logging in to Member Online or by contacting us on 1300 133 177, 8am-8pm, Monday to Friday.
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