Protecting Your Super

 

The Federal Government’s Protecting Your Super Package Act comes into effect on 1 July 2019. The package is designed to protect Australians’ super savings from unnecessary erosion by fees and insurance costs.


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Putting members' interests first

 

The Federal Government’s Putting Members' Interests First Act comes into effect on 1 April 2020. This Act is designed to protect members with a balance less than $6,000 and who are under the age of 25 from balance erosion due to having insurance cover they may not need.


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Putting members' interests first

From 1 April 2020, we will provide automatic insurance cover to eligible members if the member’s account balance is more than $6,000 and aged over 25 years and have received a superannuation guarantee contribution in the last 6 months.*
This applies to any insurance for death, total and permanent disablement (TPD) or income protection (IP).

*If you want cover sooner, you can make an early election for default insurance provided we receive an SG contribution from your employer.

Did I lose my insurance cover on 1 April 2020?

Any automatic insurance cover provided to you by Vision Super before 1 April 2020, will be cancelled from the beginning of 1 April 2020 if:

  • you had death, TPD or IP insurance cover on that date, which was automatically provided to you;
  • your account balance did not reach at least $6,000 at any point in time between 1 November 2019 and before 1 April 2020 (referred to as having a ‘low account balance’). For this purpose, it does not matter if, after reaching at least $6,000, the account drops below $6,000 at a later point in time; and
  • we did not receive notification from you electing to keep your insurance cover.

Other situations resulting in cancellation of your cover continue to apply, for example, if you reach the cover cessation age or your account becomes inactive for a continuous period of 16 months. Please refer to the relevant Insurance in your super – additional guide available in the publications section of the Vision Super website.

What if I have applied for voluntary cover?

If you have applied for, and been granted, voluntary death only or death and TPD or IP cover before 1 April 2020, your voluntary cover will not cease due to having a low account balance with effect from the beginning of 1 April 2020. Your application for voluntary cover is a request for cover, and shall be taken to be an election to keep that cover notwithstanding you have a low account balance.

If my insurance cover is cancelled on 1 April 2020 can it be reinstated?

You can apply to reinstate your insurance cover within 60 days of your cover being cancelled and your automatic insurance cover will be reinstated without any medical information.
After cancellation, you will not usually be able to have your cover reinstated unless you apply to the insurer for the insurance cover and meet the insurer’s underwriting requirements which may include providing medical evidence. Any changes to your personal medical situation may make it difficult or impossible for you to obtain cover again. Different terms and conditions may apply to any subsequent cover provided to you by the insurer.

For more information about the circumstances in which insurance cover may be reinstated, see the Insurance in your super additional guide.

Default insurance may apply automatically

If your employer makes a superannuation contribution into Vision Super for you after your insurance is cancelled, new default insurance cover may be applied automatically if your balance is over $6,000 and you are over the age of 25. Any new cover will be subject to eligibility criteria and a new two-year pre-existing medical condition exclusion. We will notify you of this, and if you choose, you can cancel this cover. Provided you are receiving super guarantee from your employer you can choose to opt in early to automatic insurance before your balance reaches $6,000 and if you are under 25 years of age. Please note there will be a new two year pre-existing medical condition exclusion.

Can I change my mind after electing to keep my cover?

Yes – If you tell us you want to keep your insurance, you can change your mind at a later date and cancel your cover at any time. For example, you may wish to cancel your insurance with Vision Super in the future if you have insurance cover elsewhere, either within another fund or outside superannuation.

What if I want to keep only some of my insurance?

You can elect to keep some, but not all of, any insurance cover that is (or will be) automatically provided to you. For example, if you have been automatically provided with both death and TPD insurance cover, you can make an election to keep death cover only, or you can elect to keep a reduced amount of death and TPD cover. Contact us on 1300 300 820 if you want to change the type or amount of your insurance cover and we can provide you with the form of the written election you must make.

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