Changes that came into effect on 1 April 2020 as part of the ‘Putting Members’ Interests First’ (PMIF) reforms, build on the Protecting Your Super (PYS) legislation, which was introduced in July 2019.
Since 1 April 2020, new members won’t get automatic insurance on their account until their balance reaches $6,000 and they’re over 25 years of age. Members can choose to have this insurance added to their account early if they want to.
Existing members that are likely to be affected have already received a letter from us about the changes and how to keep their current insurance cover. If you’ve recently received a cancellation letter from us regarding your cover, please call us if you have any questions or would like to discuss your insurance options.
If something unexpected happens, insurance through super might be a valuable way to provide you and your family with financial security when you can’t work temporarily or permanently due to injury, illness, disability or if you pass away. The type and level of insurance cover that’s best for you will depend on your personal circumstances. Insurance may not be appropriate for everyone and you could end up paying for cover you don’t need. This is where financial advice from Mine Super Financial Advice can help. To be put in touch with a financial adviser give us a call on 13 64 63.
Not sure about the type and level of insurance on your Mine Super account? You can check your cover via your online account.