In a recent webinar given by a representative from the Ombudsman that covers superannuation complaints, it was noted that :
“One complaint we’re seeing quite a bit of is around the cancellation of insurance as a result of the Protecting Your Super package. An event occurs where they would like to claim on their insurance and they discover on contacting the super fund trustee that their insurance has been cancelled”
Under new rules introduced recently, superannuation accounts that have not received contributions for 16 months have had their insurance cover cancelled. And insurance in super has also become an opt-in for people under 25, presenting the danger that young people will assume they’re covered – but aren’t. Experien Insurance Services suggests that care should be taken if someone relies on default life insurance to meet their needs and objectives. This is general information and you should not act on it, or rely on it, without obtaining personal advice. Always read the product disclosure statement (PDS) issued by an insurer before considering to take out insurance.
Source : https://vimeo.com/581062426
Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857.
