Important: A major change to life insurance in many super funds.
The Federal Governments Protecting Your Super package starts on 1 July 2019 and will see an estimated three million people affected as new rules automatically switch off life insurance policies in super funds that have not received contributions in 16 months.
It’s designed to stop unwanted insurance premiums eating into retirement savings.
But a side effect is that those who need insurance but haven’t contributed recently – perhaps after taking time off work to raise children may lose that protection and be unable to get it back.
Fixing this is simple. Contact your super fund or make a (small) contribution.