Not working? Check on your insurance inside super, ISA says

27 June 2019
| By Hannah |
image
image
expand image

Super fund members on parental leave or taking a break from work have just five more days to ensure their insurance inside super isn’t unintentionally cut from their inactive accounts, with Industry Super Australia (ISA) urging them to contact their super funds and check if they will be affected.

From next Monday (1 July), the Government’s Protecting Your Super package would see the cancellation of insurance attached to super accounts that had been inactive for 16 months or more, and while super funds themselves were contacting impacted members, many were concerned that low member engagement with fund communications would see some consumers unwittingly losing group cover.

“With only five days to go until the changes kick in, this is one of those times people really need to think about their super and not throw the letter from their fund straight in the bin, or mark the email as spam,” ISA chief executive, Bernie Dean, said.

“Straightening it out is easy – if you decide you do want to continue the insurance cover, just let your super fund know.

“If you’re worried or don’t know if you’ll be affected give your super fund a call. With only five days to go until 1 July it’s vital people get engaged with their super now and don’t put it off to another day.”

Alongside the insurance change, 1 July would also see the automatic consolidation of all low balance ($6,000 or less) accounts and inactive accounts would transferred to the Australian Taxation Office as part of the Morrison Government’s package.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transf...

4 hours ago

The International Monetary Fund (IMF) has issued a sobering assessment of the global economic landscape in its latest World Economic Outlook, dramatically revised after D...

7 hours 20 minutes ago

Growth from the listed company’s key businesses has propelled Generational Development Group to new milestones in the three months to 31 March....

7 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND