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Your staff could be in danger of losing their insurance

Your staff could be in danger of losing their insurance

2/4/2019

The Government has made some changes to insurance in super. As a result, many Intrust Super members could lose their default insurance on 1 July 2019.

The changes will affect Intrust Super members who have not contributed to their account for 16 months. These members could lose any default insurance cover currently attached to their super account.

Those who fall into this category and have a balance of less than $6,000 may also have their super account transferred to the ATO.

Eligible Intrust Super Core and Executive Super members, many of whom may not take out insurance externally due to financial or eligibility reasons, currently receive automatic cover as soon as they join the Fund. The premiums for this cover are taken from their superannuation account, not their family budget.

Intrust Super members can be covered (if eligible) by the Fund’s award-winning1 insurance offering, including cover for up to $300,0002 in life and TPD insurance (more cover can be applied for).

Without this cover, many Intrust Super members may have no form of personal insurance and may struggle to protect themselves with adequate cover in the future.

Intrust Super will be contacting all members who could be at risk of losing their insurance cover. Please ask your staff to keep an eye out for communications. They can also let us know they want to keep their insurance by filling in their details here.

If you need any further information or would like some direct assistance, Intrust Super is at your service. You can get in touch with your local Relationship Manager – their contact details are listed here. You can also call our contact centre from 8am to 8pm AEST, Monday to Friday on 132 467.

1Awarded Money magazine’s ‘Best Value Insurance in Super’ award from 2013-2018.

2Cover for an amount of $300,000 applies to Intrust Super Core Super|MySuper members aged under 40.