Our Financial Planner, Andrew Dalton from MI Wealth, has provided a guidance note helping you to understand the new Super legislation relating to insurance that comes into play very soon. You may have already received letters from your Super regarding the changes. If you have any questions, please contact the Taxpro office or Andrew direct using the contact details below.

Super rules on insurance to change

As you may or may not know, the federal government has recently introduced changes in legislation such 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.

I encourage you all to read take note and share with your family and friends this change has the potential to be very costly for you and your family if you get sick, injured or die, get engaged with your super and understand your benefits. If you don’t understand get advice.

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 file…

It is, therefore, CRITICAL that you make sure you ACTon 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 a super fund.

For 8 years now, Mi Wealth Plan has been advising people on their insurance protection and assisted people with insurance claims through our claim service that all 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 a 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 a Doctor for anything other than a cold or flu
  • Family history of hereditary disease

In our experience, nearly every client that we advise on 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 the future…!

SORT IT OUT NOW.We are able to help and liaise with your super fund if you are too busy or unsure 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 you cover and/or get clear on exactly what you have and what you are paying for…), just contact the office on 0407 209759 or hit this link and schedule a quick Insurance Audit meeting with me to get it sorted and in place.

Either way, just make sure you act before the deadline or you might ‘live to regret it’!

Look forward to speaking with you soon.

Andrew