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Changes to insurance

New rules may prompt you to consider whether you need the insurance on your super account.

Recent Government rules aim to protect low balance and inactive super accounts from being inappropriately eroded by fees and insurance premiums. For some members this will mean that their insurance cover has been, or will be, cancelled.

What’s changed?

New laws known as ‘Protecting Your Super’ and ‘Putting Members’ Interests First’ mean:

  • From 1 July 2019, we are required to cancel insurance cover on inactive accounts. An account is inactive if it has not received a contribution or rollover for 16 months.
  • On 1 April 2020, we cancelled insurance cover on active accounts with a balance under $6,000.
  • From 1 April 2020, members who are under 25 or have less than $6,000 in their account when they join will no longer receive automatic insurance.

You can elect to keep your cover if you are affected by the new rules (see ‘How do I keep my cover?’ below).

You can find out how much insurance cover you have by logging into your account and selecting ‘Insurance>Insurance cover’ in the top menu.

If you want to find out what your insurance costs are, check your latest Benefit Statement, or give us a call.

Keeping you informed

We will contact you if you are affected by these new laws so you can consider  whether you want to keep your insurance with us.

We will also let you know you when your account has been inactive for 9, 12 and 15 months, warning you that your insurance will be cancelled after 16 months of inactivity.

Should I keep my insurance?

You can cancel your insurance cover at any time by completing and submitting a Request to Change Insurance Form.

How do I keep my cover?

1. Online

Log into your account and go to the Personal Details page. Under the ‘Insurance Retention’ section, click to update and elect to retain your insurance cover.

2. Fill in a form

Complete an Insurance Opt-in form. Or call us on 1800 025 241 and we’ll send you the form.

3. Top up your account

Ensure your account is active and you have a balance of $6,000 or more, by making a contribution or combining other super savings into your Nationwide Super account.

If you decide to keep your cover, your election does not expire and you will remain covered until you decide to cancel it or are no longer eligible (eg. you have Death cover and reach the maximum age you can have insurance).

Find out more

Read our FAQs to find out about how the new laws could affect your insurance cover with us or learn more about insurance through your Nationwide Super account.

Further information is also available on the Government’s MoneySmart website. Check the ‘Insurance through super’ page, in the ‘Super & retirement’ section.

A financial adviser can also provide you with recommendations about your insurance. Find out more about our advice services.

Need some help?

If you are unsure about whether you should keep your insurance cover, one of our advisers can provide you with advice about how much cover you should have, over the phone, at no extra cost.

Call us on 1800 025 241 to make an appointment.