Lock in or lose it: Be prepared for the April 1 cover wipeout
On this day, all life insurance held through a superannuation account where the balance is less than $6,000, will be automatically cancelled unless you have opted in to keep the cover.
This reform aims to prevent accounts with low balances being drained by insurance premiums, but it could also leave you without the cover you rely on to protect your family.
If your balance is less than $6,000, you should contact your superannuation provider and make sure you’ve locked in your life insurance before April 1st.
Life insurance through super is something many of us take for granted, and this reform is the perfect opportunity to take a closer look at your cover.
Do you know how much you’re insured for if you pass away? Is it enough to support your family? Could be paying less for the same amount of cover?
Our quick and easy comparison service will help you find great value life insurance, letting you compare 9 of the top insurers in Australia in just a few clicks.
Here's how you do it
Step 1: Select your current age below.
Step 2: Once you answer a few questions, you will have the opportunity to compare quotes from up to 9 of Australia’s largest insurers. You may also be entitled to a free consultation.
You’re particularly likely to have your cover cancelled if you’ve only recently opened a new super account, or if you have multiple super accounts.
If you have only recently opened a new super account, there’s a good chance the balance will still be low and therefore that your cover may be cancelled.
You should have been prompted by your super provider to opt in for insurance, however if you were not and you’d like to keep your insurance, you must contact them before April 1st.
You may also be affected by these changes if you have multiple super accounts and therefore, some accounts with a balance below $6,000.
It can be the case that each of these super accounts is linked to a different life insurance policy, and that the balances of all your accounts are being depleted by insurance premiums.
The potential danger here is that none of these policies actually suit your needs, and that paying for multiple policies is unnecessarily draining your overall super balance.
If this is the case, you may find that consolidating multiple life insurance policies into one delivers that value you’re looking for. One policy also means that you only pay one premium, possibly reducing the cost of your insurance.
Consolidating multiple policies into one can also make it easier when you make a claim. You have just one claim to keep track of, instead of chasing up multiple claims with multiple companies, taking some of the stress out of an already difficult time.
Reviewing your life insurance and consolidating your cover can be a lot of hard work, but luckily you have the experts at Life Insurance Comparison on hand to make it easy.
All you have to do is click through to our online comparison service and in just a few clicks you’ll discover what you could be paying for life insurance.
You can also contact our agents directly. These experts can talk you through your options, explain the finer points and even walk you through each step of the switching process.
Our goal is to help you find a great deal on affordable life insurance. Our team can help you consolidate multiple life insurance policies into one, great value policy.
You can shop with confidence, knowing that an expert will help you compare prices and features from 9 of Australia’s leading life insurers, all at no cost or obligation to you.
Get started now
Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.
Life insurance policies are subject to the age restriction of 75 and under. For more information contact 1300 904 624 or email us at firstname.lastname@example.org
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