Putting Members' Interests First Information
The Federal Government has introduced legislation called ‘Putting Members’ Interests First’, which requires Statewide Super to cancel your insurance in certain circumstances. Detail regarding the Putting Members’ Interests First changes can be found in the Putting Members’ Interests First fact sheet.
For more information about these and other recent insurance changes, read the Insurance Changes fact sheet.
Why is this happening?
These new reforms come into effect on 1 April 2020 and aim to ensure that superannuation balances are not unnecessarily eroded by insurance premiums. Superannuation trustees may therefore only provide insurance on an "opt-in" basis to new members who:
- have a superannuation balance of less than $6,000; and/or
- are under 25.
As an existing Statewide Super member we may be required to cancel your insurance cover on 1 April 2020 if you:
- have an account with a balance less than $6,000; and
- have not had an account with a balance equal to or greater than $6,000 since 1 November 2019; and
- have not elected to keep your insurance even though your account balance is less than $6,000.
Where can I find information about my insurance?
You can view the insurance you have through your Statewide Super account, reduce or cancel your insurance cover at any time by logging on to your secure Statewide Super Online account.
For more details about the insurance cover in your Statewide Super account please refer to the Insurance Fact Sheet and read our ‘Insurance in your super’ booklet.
Statewide Super insurance is provided by MetLife Insurance Limited, ABN 75 004 274 882 AFSL 238096 (the insurer) and is subject to the full terms and conditions contained in the ‘Insurance policy documents’ between Statewide Super and the insurer (a copy of which can be provided to me upon request).
It is important to consider your personal needs and circumstances when deciding whether to continue to have insurance cover, including checking if you have insurance associated with another superannuation account and are paying multiple insurance premiums. A simple way to do this is to visit the Australian Taxation Office website and search for your lost super. Always seek professional advice if you are unsure.
How to elect to keep your insurance
To keep the insurance cover associated with your Statewide Super account and stop it from being cancelled under the PMIF legislation, you need to tell us in writing before 1 April 2020. There are a few ways in which you are able to do this:
- Login to your secure Statewide Super Online account at www.statewide.com.au/login and go to the Insurance tab to follow the election prompts; or
- Call Statewide Super on 1300 65 18 65 and request for a form to be sent to you.
If you elect to keep your insurance, premiums will continue to be deducted from your Statewide Super account until:
- you reach the cover expiry age;
- you cancel your insurance cover;
- there are insufficient funds in your account to continue to pay the premiums;
- your insurance is cancelled under the Protecting Your Super measures (which may apply if you do not receive a contribution or rollover for a continuous period of 16 months); or
- you are no longer a Statewide Super member.
Want to cancel your insurance?
You can reduce or cancel your insurance cover at any time by logging on to your secure Statewide Super Online account at www.statewide.com.au/login. If you choose to cancel the insurance associated with your Statewide Super account you will no longer be:
- charged insurance premiums;
- eligible to make an insurance claim; or
- eligible for automatic cover (i.e. If you apply for cover in the future, the insurer will assess your insurability and may accept the application with conditions or refuse the application).
We’re here to help, every step of the way
Should you have any queries at all regarding the insurance you hold through your Statewide Super account, or what action you may need to take to stay covered, please don’t hesitate to call our Member Services team on 1300 65 18 65.
The information provided contains general advice which does not take into account your specific objectives, financial situation or needs. Before investing, you should consider the appropriateness of this general advice with regard to your personal circumstances. You may also wish to obtain independent financial advice. This website page is not intended to be, and should not be construed in any way as, investment, legal, or personal advice.