The way that opt-out (sometimes called default) insurance cover is provided through super was changed on 1 April 2020. The change was being made to address situations where individuals’ super account balances are being eroded by insurance fees charged for cover that they don’t know they have, that they don’t want, or that is unsuitable for their situation.
The good news is that at Future Super, we only offer opt-in (voluntary) insurance. This means that it’s your choice to sign up and pay for the type and amount of insurance cover that you want. It also means that the majority of our members won’t be impacted by these changes.
However, if you did take out insurance cover through Future Super between 1 November 2019 and 18 March 2020 and have an account balance below $6,000.00, please look out for some separate correspondence from us asking you to make a one-off election to maintain your insurance cover.