Don’t lose your insurance cover
Did you receive a letter from IOOF recently about insurance within your super? If so, you need to act now if you want to keep your insurance.
The Government has introduced new laws designed to protect low super balances from being eroded by unwanted insurance, regardless of which super fund you are with.
If your super account includes default insurance, but your account balance has not reached $6,000 at any time since 1 November 2019, your cover will be cancelled on 1 April 2020 unless you ‘opt in’.
If you want to keep your insurance within your IOOF super account, you can do this by:
Why is insurance important?
We all know that insurance is our rainy-day cover for when things go wrong, but so often we think ‘that will never happen to me’. The bad news is that the statistics show it could very well happen to you.
That’s why it’s important to protect your most important asset - you. To learn more about insurance, visit Money Insights Central.