IMPORTANT insurance changes

A new Putting Members Interests First law that comes into effect on 1 April 2020, requires superannuation funds to cancel a member's insurance cover if their account balance does not reach $6,000 between 1 November 2019 and 31 March 2020, unless they advise us that they want to keep their cover. The Putting Members Interests First legislation is an extension of the Protecting Your Super legislation, which came into effect on 1 July 2019. The reforms aim to ensure that members are not paying for insurance in super that they don’t know about, or premiums that unnecessarily erode their super savings.

If your account remains under $6,000 and you take no action or simply do nothing, your insurance cover will cease automatically on 1 April 2020 and insurance premiums will no longer be deducted from your BUSSQ account.

If you want to maintain your insurance cover or cancel your insurance cover, you can take one of the following steps:

At BUSSQ we want to make sure your super is working as hard as it can for you. After all, it’s all about growing and maximising your super so you can live the lifestyle you dream of when you eventually retire. 

Having the right level of insurance cover for your needs is a good thing, having too much or not enough, has a reverse impact – not so good! 

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If your insurance cover is at risk of being cancelled due to your balance being under $6,000, click here to choose to keep your insurance.If you wish to cancel your insurance cover, please contact us on 1800 MY BUSSQ (1800 692 877)

If you need any help sorting out your insurance cover, call us on 1800 MY BUSSQ (1800 692 877).