How can I help people impacted by this?
We urge community workers who have clients that are likely to be affected to encourage them to take action. If they want to continue insurance, they should:
- contact their fund and tell them they want to continue the cover,
- make a superannuation contribution into the fund (the fund will tell you the minimum contribution required).
If people want more time to consider their options, they should take the above steps as they can always cancel the insurance later. If insurance cover does lapse, people can apply again through their super fund but may not get the same cover.
What if my client needs to lodge a life insurance claim?
If people want to consider lodging a life insurance claim, because they have become disabled, they should do so. As long as insurance cover was active at the time they last worked or became disabled, they may still have a claim and may not need to continue the insurance cover. If they have problems or need advice, they can contact the services listed below.
What is Consumer Action doing?
Unfortunately, insurance in superannuation is complex and the notifications from super funds are often not read or hard to understand. Consumer Action is working with other consumer organisations to urge the superannuation industry to improve the way they communicate with members.