I want insurance
Cancellation of insurance for accounts under $6,000
The Government passed legislation that commenced 1 April 2020 that aims to ensure that members with less than $6,000 in their super are not paying for insurance that may inappropriately reduce their retirement savings. This legislation is called the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019.
This means that from 1 April 2020 super funds can only provide automatic insurance to members who are 25 years of age or older and have an account balance of $6,000 or more.
However, you can opt in to insurance cover early by letting us know.
I want to have insurance cover
If you wish to have insurance cover, you need to complete the opt in form. Download the form here. Once completed, you can mail it to the address listed on the form or take a photo of it and email it to firstname.lastname@example.org. Call us on 1800 808 614 if you need help. Once we receive your election, you will receive further information from us.
Information on our insurance offer is available at the links at the bottom of this page.
If you roll in any money you may have with another super fund and your account balance is $6,000 or greater, and you are age 25 years or older, you will automatically receive the insurance we offer. You can, however, opt out any time or select individual insurance options if you prefer.
Unsure whether to take action?
If you are unsure about whether insurance is appropriate for you, we encourage you to seek professional financial advice. You can contact our advisers here.
Further information about insurance in superannuation is also available on ASIC’s MoneySmart website: www.moneysmart.gov.au
What your insurance covers you for
Total & Permanent