There are new rules around insurance in Superannuation Funds. From 1 July 2019, Superannuation Funds will cancel insurance on accounts that have not received contributions for at least 16 months. Your Fund will contact you if the insurance is about to end and ask whether you would like to continue.
Before cancelling your insurance, think about the benefits of keeping insurance through your superannuation:
• Your superannuation fund will get a tax deduction for the premiums – making it less expensive.
• You can have the cover you need, even when your budget is tight.
• It’s easy to manage as premiums are automatically deducted.
• Sometimes you will be accepted for cover without requiring a health check.
• You can generally choose the amount you are covered for.
Insurance is one of those things you pay for but never want to use and it can seem expensive. You would not drive your car around if it wasn’t insured, so you should carefully consider if you are not insuring you!
If you have any questions about your insurance, please contact your TAG Adviser.
Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686).