26th June 2019
Be aware of insurance changes starting from 1st July 2019
Starting from 1st July 2019, you could lose insurance cover in your superannuation fund if the fund is deemed inactive.
Superannuation funds that have NOT had any contributions or rollovers for a period of 16 months prior to the 1st July 2019, will have their insurance cover terminated.
This is just one example; If you are self employed and haven’t put any contributions into your super fund over the past 16 months, it is highly likely that your insurance cover will be terminated unless you contact the fund directly before the 1st July 2019 and instruct them to retain your insurance cover.
All funds were required to inform their members by the 1st April 2019 that unless you made contact and instructed to retain the insurance cover within the fund, it would be deemed inactive and the insurance cover would be cancelled after the 1st July 2019 cut off.
If you are unsure if you might have an inactive super fund come 1st July 2019, you have a few more days to call your super fund or Financial Adviser to ensure you are going to have the adequate insurance cover following the 1st July 2019.
To Your Success,