New Super 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 regarding the new Super legislation.
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 us and an adviser will be in touch.