Will your insurance through super be cancelled?
Queensland Teachers' Journal, Vol 125 No 2, 20 March 2020, page no. 28
The rules for the provision of insurance through super are changing, as part of the Australian Government’s “Putting Members’ Interests First” reforms.
If you are under 25 or have a superannuation balance below $6,000, your insurance cover may be cancelled from 1 April 2020.
Super funds are required to cancel cover on 1 April 2020 for members whose account balance has not been $6,000 or more at any time since 1 November 2019 - unless the member opts in to keep their cover.
This cancellation affects any type of cover held through super on 31 March 2020. It is important to note these changes may also impact when you can obtain cover from 1 April 2020.
QSuper members who are at risk of being affected by these changes will receive a personalised letter or email notifying them of these changes.
If you would like to keep the insurance cover held in your QSuper Accumulation account, you can permanently opt in. Before opting in, you can review your cover via Member Online. If you need any help, call QSuper on 1300 360 750.
For QSuper members, more information about these changes is available at qsuper.qld.gov.au/insurancechange
This information is provided by QInvest Limited (ABN 35 063 511 580, AFSL 238274) on behalf of the QSuper Board (ABN 32 125 059 006, AFSL 489650) as trustee for QSuper (ABN 60 905 115 063). It has been prepared for general purposes only, without taking into account your personal objectives, financial situation, or needs. All products are issued by the QSuper Board as trustee for QSuper. Consider whether the product is right for you by reading the product disclosure statement (PDS) available from our website or by calling us on 1300 360 750. © QSuper Board 2020