Millions of super fund members have until 30 June to stop their life insurance being cancelled by their super fund.

The federal governments Protecting Your Super legislation will enforce super funds and insurers to switch off insurance in millions of super accounts that have had no contributions for at least 16 months.

The Association of Superannuation Funds of Australia (ASFA) found that more than half of us are not aware of this change and it comes into effect from 1 July 2019.

You need to take the following steps:

1. Review your insurance cover to determine if you still need the cover.
2. If you do, then either:
   – Make a contribution into your super, or
   – Make an election in the form provided by your super fund indicating that you wish to retain your insurance cover.
3. If you are unsure about any of this then contact your super fund or funds and ask them if your insurance will be cancelled.
4. Better still, contact a licensed financial adviser and arrange a formal review of your insurances.

Please download the below flyer for full details including:

• Cancellation of Insurance
• No exit fees
• Fee limit on low-balance accounts
• Inactive account transfers to ATO
• How to retain insurance cover

Download HERE

For more information visit www.financialadvicematters.com.au or email info@financialadvicematters.com.au

20 Jun 2019