Recent changes to the government’s rules regarding insurance through super mean that from 1 July 2019, if you haven’t made a contribution or rolled over funds into your super account in 16 months, we can’t continue to provide you with insurance cover, unless you take action and tell us you want to keep your cover.
The government’s changes are aimed at protecting people’s super balances and ensuring they don’t have insurance cover they don’t need. And while insurance through super can provide important protection to you and your family if something unexpected happens – it’s important to understand that the cost of the premiums can reduce the amount of money available to you in retirement – particularly if you have insurance cover through multiple super accounts.
If you are impacted by this change, we will let you know. When we contact you, we’ll confirm the types and amounts of insurance cover you have through your super account with us and when your cover will end. We will also ask you to confirm whether you want to keep that insurance cover. If you don’t respond or take action, we’ll need to cancel your insurance cover.
If you contribute to your account or do a rollover, your account will become active again and you won’t need to confirm with us you want to keep your insurance cover.
Everyone’s different, so there’s no one answer to this question. It depends on your personal and financial situation.
As life changes, your insurance needs may too. So it’s important to regularly review your cover to make sure it continues to be right for you. To find out what insurance you have through your super, log on to your account, or call us and we can help.
You can also refer to the ASIC MoneySmart website at moneysmart.gov.au for more information on insurance through super.
We’re here to help
If you have any questions please speak to one of our super specialists on 132 135 Monday to Friday, 8.00am – 6.30pm (Sydney time).
Things you should know
The information shown on this site is general information only, it does not constitute any recommendations or advice; it has been prepared without taking into account your personal objectives, financial situation or needs and you should consider its appropriateness with regard to these factors before acting on it. Any taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice. You should also consider obtaining personalised advice from a professional financial adviser before making any financial decisions in relation to the matters discussed hereto.
This information has been prepared and issued by BT, a part of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian Credit Licence 233714, and is current as at 22 May 2019.