Insurance Cover check

Check your insurance cover now.
Otherwise, you may lose your cover before April 1, 2020.

New laws take effect 1 April 2020 and require super funds to remove default insurance to existing members if their account balance hasn’t reached $6,000 or more at any time between 1 November 2019 and 1 April 2020. This means that unless you or your employer tells us otherwise, Energy Super will be required to CANCEL your insurance cover on 1 April 2020 if your account balance hasn’t reached $6,000 or more at any time since
1 November 2019.

It’s important that if you want to keep your insurance cover, you actively choose to opt-in to keep your cover.

Here are your options:

Opt in To keep your insurance cover, complete the Eform before 1 April 2020 here:

 Opt in

Rollover funds  

Rollover funds to increase your account balance. Consider consolidating any other super accounts you have into Energy Super.  Login to Member Portal and use our rollover tool

Member Portal

Remember, your account balance must reach $6,000 in order for any insurance cover to remain in place and not be cancelled at 1 April 2020.
Do Nothing If you haven’t opted in (as above) and your account balance hasn’t reached $6,000 or more since 1 November 2019 your insurance cover will be CANCELLED on 1 April 2020.

Still not sure what to do?

That’s okay: there’s a bit to think about. As an Energy Super member you have access to financial advice in relation to the insurance cover on your account. This can assist you to consider important factors like:

  • If your insurance cover was cancelled, what other safety net do you have to protect you and your family if you’re unable to work?
  • If your cover lapses due to these new requirements, will you be able to get cover again in the future (taking into consideration your age, occupation and health)?
  • Have you considered how the cost of insurance will affect your retirement balance?

Depending on your circumstances, advice on your Energy Super account may be at no additional cost. We can help you assess the right level of cover for your needs and look at the costs.

Just call us on 1300 436 374 to schedule an appointment or contact us online here