Super important changes
Did you know you probably have life insurance as part of your super account? It’s usually built into your super plan, and aims to protect you and your family if anything unforeseen should happen.
Changes on 1 July 2019 mean that super accounts that have been inactive for 16 months or more will lose their life insurance cover, unless you actively opt-in to keep it.
It is important to understand that if you decide to keep your insurance cover, the premiums will be paid out of your super account, which will reduce your account balance.
Q: What is an inactive super account?
A: An account that hasn’t received any contributions or rollovers.
If you are impacted by the changes, you should have received a message from your fund. Make sure you take action on this now, if you decide you want to keep the insurance cover.
Here are three simple steps you can take to figure out if you’re impacted: