Under legislation, we’re required to stop maintaining the insurance cover held through your super account from 1 July 2019, if:
- your account becomes inactive for a continuous period of 16 months, because it hasn’t received any additions, such as a contribution or a rollover, and
- you haven’t elected to retain your insurance cover even in these circumstances.
To comply with the legislation, we’re required to contact you when your account has been inactive for certain specified periods and provide you with the opportunity to confirm if you want to maintain your insurance cover.
This legislation was passed to ensure that your superannuation account balance is not eroded by insurance premiums for cover that you are not aware you hold or no longer need.
How to maintain your current insurance cover
If you’ve received a notice from us about your current insurance held through super and you want to maintain your current insurance cover, there’s no further action required. This is because you’ve already made an election to maintain your cover.
In order to maintain your insurance in the event that it becomes inactive for 16 months, you need to make an election. You can make an election to maintain your cover on your super account.
To make an election:
- Go to www.investorvote.com.au/super
- Login using your Account number, country of residence and postcode
- Confirm your identify by reviewing the client information and clicking I agree if this matches your details
- Make the election to maintain cover should your account become inactive for a continuous period of 16 months by clicking Yes
- Click Continue to view a summary of your instruction
- Insert your preferred email to receive confirmation of your election.
You may also make a contribution to prevent your insurance not being maintained.
Please note, if your account becomes inactive again for 16 months following the contribution being made, your insurance will be cancelled unless you have made an election for your insurance to be maintained.