Insurance in ‘inactive’ superannuation accounts to be cancelled from 1 July
From 1 July insurance held in an inactive superannuation fund will be cancelled, unless the owner notifies the fund that they wish to retain their insurance cover. An ‘inactive’ superannuation account is one that has not received a contribution or rollover for 16 months. While this measure will be of benefit to many, it poses a risk to those who wish to retain their cover which, once lost, it may not be able to be recovered.
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