Insurance changes in super. What you need to know

Insurance and super

Insurance is one of the most valuable benefits you can receive through your super.

It can help financially support you and your family if you can no longer earn an income due to an injury, illness, or even death.

So it’s important to understand the types of insurance you can get through your super, and make sure you’re adequately covered. You can learn more about your insurance options via our Protecting you and your family insurance guide.

Over the past year, two changes were introduced to insurance through super, as part of wider government legislation to protect super balances. They fall into two main categories:

  1. Protecting Your Superannuation Package (PYSP) – aimed at members with inactive accounts
  2. Putting Members’ Interests First (PMIF) – aimed at members with low balance accounts and / or 25 or younger

If you have insurance through super, it’s important you know that the rules around inactive accounts (PYSP) changed back in July 2019, while the rules about low balance accounts and younger members (PMIF) only came into effect on 1 April, 2020.

Do I have insurance through my super?

You can see the exact amount that you’re insured for by logging into your account or contacting our Service Centre on 1300 655 002.

What is an inactive super account? Your account is considered inactive if you haven’t made any contributions or rolled in any funds into your account for 16 months.

What happens to inactive accounts? If your account doesn’t receive a contribution or additional super from another of your super accounts, your insurance with Catholic Super will be cancelled. You will no longer be covered for death, or total and permanent disability.

What do I need to do if I want to keep my cover? We will write to you three times before we cancel your cover, and with each notification we give you the opportunity to elect to retain your cover. Alternatively, you can keep your insurance cover by making a contribution to your account. This can come from your employer, transferring other super you may have into your Catholic Super account, or as a one-off payment directly to your account via BPAY.

How do I know if I’m making contributions and am covered for insurance? We send notifications to all members at risk of losing their cover. These would be sent via either email or standard mail, depending on your preference, and if we have your correct details. You can always check the status of your cover by logging into your account or calling our Service Centre on 1300 655 002.

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