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
Putting Members’ Interests First
Changes to the cost of your cover

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:

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.

Putting Members’ Interests First

The Putting Member's Interests First (PMIF) legislation took effect on 1 April 2020. It aims to ensure that people under 25 and people with low balances don't have their super eroded by insurance premiums for cover that they may not want. The new rules work with the earlier Protecting Your Super legislation.

How does it work?

Between 1 November 2019 and 31 March 2020, if:

  • you were an existing member and
  • at no point was your NGS Accumulation account balance $6,000 or more and
  • you didn’t actively elect to keep your insurance

we had to cancel your insurance under PMIF legislation. We sent you a letter to inform you at the time.

If you’re a new member who joined from 1 April 2020 and:

  • you’re under age 25 or
  • your NGS Accumulation account balance is under $6,000

you won’t receive default insurance cover until these conditions are met. If you’d like insurance before then, you’ll need to opt in.

My insurance was cancelled — what do I need to do?

If you'd like insurance with us, you can apply by completing our Insurance — New member options form.

This form is also available to complete through Member Online.

I'm a new member — what do I need to do?

If you're a new member:

  • under age 25 or
  • with a balance under $6,000

and you'd like default insurance now, you'll need to opt in by completing our Insurance — New member options form.

This form is also available to complete through Member Online.

What happens when my balance gets to $6,000 or I turn 25?

At that time, we will automatically provide default cover to you if you have not already opted in.

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.

Changes to the cost of your cover

Following a review and taking into consideration recent legislative changes, we changed the cost of our insurance from 1 April 2020. Find out more about the changes here.

For more information, please see the questions and answers below.

Why did insurance premiums change on 1 April 2020?

What's the change to my premiums?

What is my insurance category?

My Member Statement says I'm covered for $6,000 per month for Income Protection but I earn less than this. Will I be able to claim more than my usual earnings?

How much cover is enough?

Can I change my insurance cover?

What types of insurance does NGS Super offer?

Why should I have cover with NGS?

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