Do you have insurance in your superannuation fund? – If so do not ignore this
As you may or may not know, the federal government has recently introduced changes in legislation that ALL Superannuation policy holders who have not made a contribution into their super fund in the past 13 months will be required to OPT-IN to keep their existing insurance in place by the 1st July 2019.
Your super fund is required to send you a letter explaining your options and how to Opt-In. This may be difficult if you have moved address or your fund does not have your up to date contact details on their system.
It is therefore CRITICAL that you make sure you ACT on this now. Ignoring it could cost you more than you think.
There is a massive level of under insurance in Australia and the only reason that many people have any insurance at all is because they have some cover held inside their super fund.
For 15 years now, The Hendrie Group has been advising people on their insurance protection and assisted people with insurance claims through our claim service some of whom would have been caught up with this new legislation and not been in place when the cover was needed.
This would be a disaster if it happened to you.
Another risk of the new legislation and losing your cover is the potential inability to obtain new cover in the future if you have existing medical conditions. You could end up with exclusions or increased premiums as a result.
Examples of some things that might impact on your ability to obtain a new policy are:
- Overweight (BMI increased)
- Visited a Chiropractor / Physio for sore neck, back alignment or other minor examination
- Seen a Doctor or Psychologist for stress, depression, fatigue or anxiety
- High cholesterol / blood pressure
- Pain / surgery in / on any joint or bone
- Seen Doctor for anything other than a cold or flu
- Family history of hereditary disease
In our experience, a significant number of our clients that we advise on for insurance, has one or more of the issues listed above which is currently covered by their existing insurance – but could be excluded, loaded or declined if applying for new cover in future…!
ACT NOW. We are able to help and liaise with your super fund if you are too busy or unsure of what needs to be done.
And if you are not sure or need some advice around your insurance (maybe this has prompted you to revisit your cover and/or get clear on exactly what you have and what you are paying for…), just contact the office on 9725 2533 or hit this link and schedule a quick Insurance Review meeting with me to get it sorted and in place.
Either way, just make sure you act before the deadline (1st July 2019) or you might ‘live to regret it’!