Recent changes to the government’s rules regarding insurance through super mean that from 1 July 2019, super funds can’t provide insurance cover to members where their account has been inactive (no contributions or rollovers received) for a continuous period of 16 months, unless the member confirms they want to keep their insurance cover. These changes are aimed at ensuring super members are not paying for insurance cover they don’t know about, or don’t need – particularly where they hold insurance cover in multiple super accounts.  

How do I know if this change affects me?

This change only impacts members whose super account has been ‘inactive’ (i.e. no contributions or rollover) continuously for 16 months or more and who have not elected to maintain their insurance cover. 

If you are impacted by this change, we’ll contact you (by letter or email) to let you know how your insurance cover through your super account with us is impacted and the date it will end, if you don’t take action.

If we've already been in touch to let you know the insurance in your super may be cancelled soon, the communication you received will explain what insurance you have, what you can do to take action and the deadline that applies to you.

If you decide you want to keep your insurance, you can easily let us know. Just go to bt.com.au/insuranceoptin and complete our online form, or for more information on other easy ways to respond.

How do I know what insurance I currently have on my BT account?

To understand what types of insurance cover you currently have with us, log into your online account. If you’ve received an ‘Important changes to your insurance through super’ email or letter from us, that may also detail the insurance cover you currently have through your account. Or call us and we can help.   

What insurance do I need? 

Everyone’s circumstances are different – so there’s no one answer to that question. It depends on your personal and financial situation. 

You can review the insurance cover you have within your BT superannuation account(s) at any time, by logging into your online account.  If you have another super fund – you should consider what cover you have there as well. You might also have personal insurance cover outside of your super. The combination of all those insurances helps give you a picture of the total insurance cover you hold. 

You can use our insurance calculator to help you understand what types and amounts of insurance cover might be right for you. Or speak to your financial adviser, if you have one – they can help.

You can also refer to the ASIC MoneySmart website at moneysmart.gov.au for more information on insurance through super and insurance calculators.

Helpful links

How do I know if my insurance will be cancelled under these changes?

We're getting in touch (by letter or email) with customers affected by these new rules to let them know that the insurance inside their inactive super account may be cancelled unless they tell us they would like to keep it. 

If you're worried and unsure whether you are affected, you can call us on 132 135.

My employer currently makes regular super contributions to my account – am I affected by these changes and do I need to take action?

If your account has received a contribution or a rollover in the last 16 months – it is considered ‘active’ and, as such, you’re not affected by these changes and don’t need to take action at this time.

If, in the future, your account becomes inactive (no rollovers or contributions made) – we’ll let you know – and provide you with a deadline by which you’ll need to take action to confirm you want any insurance cover you have to continue. You’ll normally receive a reminder after your account has been inactive for 9 months – and then two more reminders ahead of the final deadline for cancellation.   

I currently make personal contributions to my super account – am I affected by these changes?

If your account has received a contribution or a rollover in the last 16 months – it is considered ‘active’ and, as such, you’re not affected by these changes and don’t need to take action at this time.

If, in the future, your account becomes inactive (no rollovers or contributions made) – we’ll let you know – and provide you with a deadline by which you’ll need to take action to confirm you want any insurance cover you have to continue. You’ll normally receive a reminder after your account has been inactive for 9 months – and then two more reminders ahead of the final deadline for cancellation. 

I received a communication from BT telling me my cover will be cancelled. What do I do now?

If we've been in touch to let you know the insurance in your super may be cancelled soon, read the information we sent you to make sure you understand what this means for you.  Then, if you decide you'd like to keep your insurance, you can easily let us know. Just go to bt.com.au/insuranceoptin and complete our online form, or for more information on other easy ways to respond. Don’t forget to have your unique verification code in your email / letter handy when completing the form as you’ll need that. 

If you’re sending us a paper form, please allow enough time for the form to get to us before the cancellation date (i.e. the date your super account reaches 16 months of continuous inactivity). You'll receive a confirmation that we’ve received your instructions, and we’ll make sure your insurance is not cancelled.

If you make a contribution or rollover into your account before it reaches 16 months of continuous ‘inactivity’ your insurance will not be cancelled.  Speak to you financial adviser if you have one, or call us and we can help. Learn more about how to make a contribution.     

What happens to my cover if I don’t take action by the deadline?

If your super account remains inactive for at least 16 months, your insurance cover listed in the communication from us will be cancelled from the date shown in the notice we sent you.  

My account hasn’t been inactive for 16 months – why are you contacting me so soon?

Under the new rules we will be contacting members once their account has been inactive (i.e. no contributions or rollover) for 9 months - to ensure they are aware well in advance of any potential cancellation of their insurance cover and have time to consider what they want to do and take action.  We are also required by law to send further reminders to impacted members when their account has been inactive for 12 months, and then again when their account has been inactive 15 months. If no action is taken to confirm you want to keep your cover before your account has been continuously inactive for 16 months – your insurance cover will then be cancelled.

What types of insurance cover are available through super?

There are a range of benefits and considerations for having insurance inside super.  Find out more.  

Different types of insurance cover may be available through a super account, or linked to the policy held within the super account. These include:

Death : A lump sum benefit paid to your estate or beneficiaries on your death – or paid to you if you become terminally ill.

Total and Permanent Disablement: A lump sum benefit paid if you become ‘totally and permanently disabled’.

Salary Continuance Insurance (Income Protection): Provides a monthly benefit to replace a portion of the income lost if you are unable to work at your full capacity due to sickness or injury.

You can review the insurance cover you have within your BT superannuation account at any time, by logging into your online account, or you can call us on 132 135, Monday to Friday 8am - 6.30pm (Sydney time).

You can also refer to the ASIC MoneySmart website at moneysmart.gov.au for more information on insurance through super.         

Be MoneySmart      

The government’s ASIC MoneySmart website offers free, independent guidance so you can make the most of your money – including more information on the ‘Protecting Your Super’ insurance in super changes, insurance calculators, education and tips.  

Want to opt into insurance?

If you have been contacted by us and want to opt in visit our Insurance opt-in page 

Call 132 135

Talk to our Customer Relations team
8:00am – 6:30pm Mon-Fri
(Sydney/Melbourne time)

Things to know

BT Lifetime Super – Employer Plan
BT Funds Management Limited ABN 63 002 916 458, AFSL 233724 (BTFM) as the trustee of and the issuer of interests in BT Lifetime Super – Employer Plan (LSEP), which is part of Retirement Wrap ABN 39 827 542 991. A Product Disclosure Document is available for LSEP and can be obtained by calling BT Customer Relations on 132 135 or visiting bt.com.au. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in LSEP.

BTFM is a member of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in LSEP is not an investment in, deposit with, or any other liability of, Westpac, or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. None of Westpac or its related entities stands behind or otherwise guarantees the capital value or investment performance of LSEP.

BT Business Super
Westpac Securities Administration Limited ABN 77 000 049 472, AFSL 233731, RSE L0001083 (WSAL) as the trustee of and the issuer of interests in BT Business Super (BTBS), which is part of Westpac MasterTrust – Superannuation Division RSE R1003970, ABN 81 236 903 448. A Product Disclosure Document is available for BTBS and can be obtained by calling BT Customer Relations on 132 135 or visiting bt.com.au. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in BTBS. WSAL is a member of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in BTBS is not an investment in, deposit with, or any other liability of, Westpac, or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. None of Westpac or its related entities stands behind or otherwise guarantees the capital value or investment performance of BTBS.

BT Super for Life
BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (Trustee) is the trustee and issuer of BT Super for Life which is part of Retirement Wrap ABN 39 827 542 991. Insurance within BT Super for Life is issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 AFSL 233728 (Insurer). A Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for BT Super for Life can be obtained by calling 1300 653 553 or visiting bt.com.au. You should consider the PDS before deciding to acquire, continue to hold or dispose of interests in BT Super for Life.

The Trustee is a member of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in BT Super for Life is not an investment in, deposit with, or any other liability of, Westpac Banking Corporation ABN 33 007 457 141 (Westpac), or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment, or loss of income and principal invested. Except as expressly disclosed in the PDS or the Additional Information Booklet for BT Super for Life, Westpac and its related entities (including Trustee and the Insurer) do not stand behind or otherwise guarantee the capital value or investment performance of any investment options or any related assets of BT Super for Life.

This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs having regard to these factors before acting on it.

The information is current as at 14 June 2019.