For some people, the life and permanent disability insurance they hold within their super fund is the only life insurance they have. They may be unaware that this insurance may be cancelled by their super fund, without their explicit consent on 1st July this year.
The change in rules has come about because the government is concerned about the erosion of members’ super balances due to fees and charges for things they don’t need or don’t know about.
So, if you have a super fund with life insurance attached to it and you haven’t made a contribution for more than 16 months, this may be you.
Some people will get a letter or an email from their fund to let them know, others who do not have their contact information up to date with their fund may not be notified.
- If you have a need for life and or permanent disability insurance cover, and
- You have (or think you may have) cover in your super, and
- You haven’t been contributing for a while:
We suggest that you give your super fund a call to “Opt In”.
If reading about this prompts you to want to review your super and life insurance arrangements, give us a call for a no obligation chat. .
You might also like my free e-book Setting yourself up for the Future as a Woman.
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© Summation Strategies 2019.
Please note that all information provided is of a general nature and does not take into account your current financial situation, needs or objectives. Before acting on any of the information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. We recommend those seeking insurance or making an investment obtain financial advice specific to their situation and consider the Product Disclosure Statement prior to making any financial investment or insurance decision.