The Government's Treasury Laws Amendment (Putting Members' Interests First) Act 2019 came into effect on 1 April 2020. These reforms aim to protect Australians' super savings from erosion by insurance premiums.
Under this Act we were required to turn off your cover from 1 April 2020 if:
If your cover was turned off, you may still be eligible to make a claim on this policy if the insured event occurred while your cover was in force.
You may be automatically provided with default cover in the future if you meet eligibility requirements. See our Insurance guide for more information.
Benefits of insurance in super
We negotiate with our insurer for discounted group rates which means that you generally pay less than you would if you personally applied for cover. And the cost of cover is paid out of your Tasplan account rather than from your pocket, so it doesn’t affect your take-home pay.
We understand that super and insurance can be complex. We can help answer any questions you have. Simply call us on 1800 005 166 or email us at firstname.lastname@example.org.
Hear from under-25 super members as they share their reasons for either opting-out or keeping insurance in their super.