From 1 April 2020, members with a super balance under $6,000 could lose their insurance through super.
Under new legislation called Putting Members' Interests First, from 1 April 2020, insurance will only be provided to members that have an account balance of $6,000 or more and are aged 25 years or older, or they have chosen to have insurance cover.
impact to current members
If you're a member, on 1 April 2020 you will lose your insurance cover if your account balance has not been $6,000 or more since 1 November 2019.
But you can choose to keep your cover. You just need to let us know.
what are my other options?
If this legislation affects you, your cover will automatically stop on 1 April 2020.
You can cancel your insurance cover before then via your online account, phone or email. If your cover ceases on 1 April 2020, it will recommence once your account balance reaches $6,000, you’re aged 25 or over and your account is active. Any cover you receive in the future may be different to the cover you have now and may be subject to restrictions, such as New Events cover.
To check your current insurance cover, log in to your online account.
If you’ve already chosen to keep your insurance if you become ‘inactive’ under Protecting Your Super changes, you don’t need to do anything. You'll continue to be covered even though your super account balance may not reach $6,000 between 1 November 2019 and 1 April 2020.
Not sure if you've already chosen to keep your insurance? That's OK. Just let us know you want to keep your insurance.
Your cover will continue from 1 April 2020 because your account balance has exceeded $6,000 on or after 1 November 2019.
No. Only members whose account balance has not been $6,000 or more since 1 November 2019 will lose their insurance cover on 1 April 2020, unless they tell us they don't want to lose their cover.
The requirement to be aged 25 or more to get insurance applies to new members from 1 April 2020.
Members who lose their cover on 1 April 2020, will need to be aged 25 or more, have a balance of $6,000 or more and be active to have cover recommence.
Your cover will automatically recommence when your account balance is $6,000, you're aged 25 or older and your account is active.
From 1 April 2020, you will need to satisfy all the legislation requirements, which includes being aged 25 or older.
Any cover that recommences may be different to the cover you have now and also subject to the New Events Cover restriction.
But you can apply for cover at anytime regardless of your age and balance. Go to your online account and select the 'Insurance' tab.