From 1 July 2019, inactive super accounts with no contributions or rollovers received over 16 months will lose their insurances benefits.
To maintain the insurances held in super, a member must tell their super provider they wish to retain the cover in writing, or make a contribution or rollover within a 16 consecutive month period.
It’s important that you regularly consider and understand your current needs to make sure any insurance cover remains appropriate. Your insurance needs can change over time so the cover you had in the past may or may not still be suitable for you today. For example, your needs for financial protection as a young single may be different to your needs if you have dependants or a mortgage. And if you’re downsizing or an empty-nester, your needs may be different again.
The information provided above is of a general nature. This does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
Financial Lifestyle Partners and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd.
ABN 54 139 889 535, AFSL 357306. http://fortnum.com.au
Any information on this website is general advice only and does not take into account any person's objectives, financial situation or needs. Please consider your own circumstances and consider whether the advice is right for you before making a decision.
Always obtain a Product Disclosure Statement (If applicable) to understand the full implications and risks relating to the product and consider the Statement before making any decision about whether to acquire the financial product. PrivacyPolicy
