Insurance solutions

Under legislation, we’re required to stop maintaining the insurance cover held through a member’s super account from 1 July 2019, if:

• your client’s account becomes inactive for a continuous period of 16 months, because it hasn’t received any amounts such as a contribution or a rollover, and
• your client hasn’t elected to retain your insurance cover even in these circumstances.

To comply with the legislation, we’re required to contact your clients when their account has been inactive for certain specified periods and provide them with the opportunity to confirm they want to continue with the insurance cover.

This legislation was passed to ensure that superannuation account balances are not eroded by insurance premiums for cover that members are not aware they hold or no longer need.

There are four independent providers offering retail insurance policies (OnePath, AIA, TAL and Zurich). There is no difference in the insurance options offered between the Consolidator II – Engage and Consolidator II – Elevate Investment Menus. If clients perform a product switch or move between Engage and Elevate Investment Menus, their insurance arrangements are maintained.

If your client’s super account hasn’t received a contribution or rollover for a period of 9, 12 or 15 consecutive months, we’ll send you and your client an inactivity notice explaining how to provide a written election to maintain insurance.  If the super account becomes inactive after a continuous period of 16 months, premiums can’t be deducted and any insurance cover will lapse.    

To maintain insurance, you or your client can make an online election at computershare.com.au/super.

If the insurance has lapsed, you or your client can still make an online election and you will need to notify the insurer immediately to reinstate the policy. 

For further assistance you can reach us via live chat.