Has Canberra blown your cover?

New legislation could take your insurance away

If you have any insurance cover through a superannuation fund, then it is important you read the following as you may need to take action.

WHY is this a concern?

Super legislation changes were recently passed, which in effect means that if you have not contributed to your super fund for 16 months or more, then your super fund will be deemed inactive.

WHO does this affect?

Anyone who holds insurance within their super fund. If your account is deemed inactive, then the insurance cover that you hold within the fund will be cancelled.

WHAT if you have an accident?

Should your insurance policy be removed due to your super fund being deemed inactive, this could place your financial position in serious jeopardy if you suffer serious injury, illness or death.

HOW can this be fixed?

Your super fund will send you a notice directly to notify you that your account is inactive and asking for instructions on whether your super fund should retain your insurance. If you wish to retain your insurance cover, you must let your super fund know via way of the notification they sent you.

WHEN do I need to take action?

You will need to notify your super fund by the 1st of July 2019 of your intentions. Should you not do so, your cover will be removed.


  • If you are yet to receive notification from your super fund, please contact them directly.
  • For further clarification please contact an Elston adviser and they’ll be happy to assist.
  • A comprehensive insurance review could be very beneficial to you if you are not sure what insurance you hold.
  • In some cases, an adviser may have recommended that you retain cover within your retail superfund. If this is the case, it is extremely important that you take the appropriate action to retain your policy.

We understand that this may have caught you unaware and perhaps created some uncertainty. Please remember we are here to help. Should you require assistance, please call us on 1300 Elston or email info@elston.com.au and an adviser will be in touch.

WARNINGS AND DISCLOSURES: This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.

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