As of 1 July 2019 there will be changes to Insurance policies within Superannuation funds. Please read below to understand how these may affect you and your family.
You may be aware that if you have Superannuation funded by your work that you have insurance if you are severely injured or die.
Many of our clients have recently received a letter from their Super Fund advising that their insurance has been or is about to be cancelled.
The Super Funds are sending these letters to many people who have been unable to work for 12 months or more and so with no pay they haven’t been making contributions to the Super Fund.
If you don’t get a letter from your Super Fund about cancelling your insurance you do not need to do anything.
If you do get a letter and want to keep the insurance (which we recommend) you must act the moment you get the letter.
If the Super Fund gives you a form to complete and send back to them not to cancel the insurance do that straight away. If they don’t give you a form then write to them telling them not to cancel the insurance and make sure you keep a copy.
We recommend that you keep your Super Fund insurance cover going for now. Until you seek further advice this is extra insurance that you or your family may need one day.
In simple terms the more Super Funds you are a member of (and the insurance hasn’t been cancelled) the more insurance payouts you can receive should something happen to you.
If you have a possible claim we will work with our Super Fund insurance consultants on a no win no fee basis to action your claim.
The take home message: Don’t let your Super Fund cancel your insurance!
Please watch our short informational video on this upcoming change. As always please contact the QLD Law Group should you need any assistance on 3221 8000.