Think you still hold personal insurance in Superannuation?

We understand that not everyone pays close attention to their superannuation, however this is what you need to know about the recent government changes.

The Federal Government’s Protecting Your Super Package came into effect on 1 July 2019. The package is designed to protect Australians’ super savings from erosion by fees and insurance costs.

The legislation included changes to fees, the transfer of inactive low-balance accounts to the Australian Taxation Office (ATO) and cancelling insurance for inactive members. 

What does this mean for you?
In many cases people have lost insurance cover they previously had and may well have been reliant on.

Contact your adviser if you require further information or guidance.

Elle Ross
Equitem Financial Strategist

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