Changes to Default Insurance in Superannuation

The 2018 Federal Budget announced proposed changes to the way insurance is held within superannuation for members from 1 July 2019.

This legislation will affect 3 types of people;

• Low balances of less than $6,000
• Under the age of 25 years
• Whose accounts have no received a contribution in 13 months and are inactive

If you are in one of the categories and you have Life Insurance in your superannuation you could find it will be removed. This could affect you and your family seriously. If something happened to you, your family might find out the hard way that your insurance has been cancelled.

If you are in this situation please contact me to review your insurances.