Keep my insurance
Cancellation of insurance for accounts under $6,000
The Government recently passed legislation to ensure that members with less than $6,000 in their super are not paying for insurance that may inappropriately reduce their retirement savings. In accordance with the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019, we are required to cancel your insurance cover on 1 April 2020 if your account balance has not reached $6,000. However, if you tell us that you would like to keep your insurance cover, we will not cancel your insurance cover.
I want to keep my insurance cover
If you wish to keep your insurance cover, you need to click on the button below, or ensure that your account balance reaches $6,000 before 1 April 2020 through contributions or by rolling funds in from other super accounts you may have.
Increase your super balance
If your account balance reaches $6,000 between 1 November 2019 and 31 March 2020, your insurance cover will not be cancelled. Multiple super accounts may be consolidated via the MyGov website (link) or by calling our Hotline on 1800 808 614.
I do not want to keep my insurance cover
If you do not wish to keep your insurance cover, you do not need to take any further action. Your insurance cover will be cancelled on 1 April 2020 if your balance has not reached $6,000. If you would like to cancel your insurance cover before 1 April 2020, please call our Hotline on 1800 808 614.
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.
If we do not hear from you before 1 April 2020 and your account balance remains below $6,000, your insurance cover will be cancelled effective 1 April 2020.
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