Insurance changes for under 25’s and low balance members

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New legislation will soon change who will automatically receive insurance cover within their superannuation account.

As of 1 April 2020, the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 will require insurance in superannuation for new members under age 25 and members with low balance accounts (below $6,000) to only be offered on an opt-in basis, where previously this insurance cover may have been automatically applied to their super account

It is important to remember that these changes will not prevent anyone who wants insurance within superannuation from being able to obtain it. It simply means young members or those with low balance accounts will now need to opt in if they want to take out insurance.

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