First Super insurance cover and COVID-19
April 9th, 2020
Since the World Health Organisation declared COVID-19 a pandemic, we have had enquiries from members about whether their insurance with First Super would cover them if they had a claim linked to the virus.
We are happy to confirm that there are no pandemic-related exclusions within our group insurance policies, another demonstration of how First Super puts its members first. Our members are fully covered in the event of a Death or Total and Permanent Disablement (TPD) claim resulting from COVID-19. The normal terms and conditions and waiting periods apply – read our Insurance booklet for details.
Check your cover
As new legislation* came into effect on 1 April 2020, we recommend checking your cover with First Super and any other super accounts you may hold.
If your account balance had not gone above $6000 between 1 November 2019 and 31 March 2020 AND you had not opted in during this period to keep your insurance, by law your cover will have been cancelled as of 1 April 2020.
Under the same reforms*, new members who join a super fund from 1 April 2020 will not receive default insurance if:
- they are aged under 25, and/or
- their account balance is below $6,000.
They must opt in for default insurance if they want it. Otherwise, it will automatically commence when the member is age 25 and/or their balance has reached $6,000 at least once.
More details are available on our Insurance web page and in our Insurance booklet.
WE’RE HERE TO HELP.
If you have questions about your insurance cover or any other query about your super, please contact our Member Services Team on 1300 360 988 Monday to Friday 8.00am to 6.00pm Melbourne time, email mail@firstsuper.com.au or visit firstsuper.com.au.
* Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 amending part 7 of the Superannuation Industry (Supervision) Act 1993