Changing your insurance held through super
As your circumstances shift, it can make sense to review your cover and decide whether to change your insurance cover.
Why you might change your insurance
Insurance provides financial protection if something unexpected happens. Over time, your personal, financial or work situation may change, making it appropriate to update or reassess your cover. A simple starting point is understanding what’s included in your insurance.
Life events
Major life events can prompt people to review their insurance. Starting a family, buying a home or taking on new financial commitments can increase the need for cover. Conversely, when dependants become financially independent, some members choose to reduce insurance to better align with their current needs.
How to change your insurance
Most super funds allow members to adjust their insurance, though available options depend on the type of cover and individual needs.
Reinstating or increasing cover
If your cover was previously declined, cancelled or has lapsed, you may be able to reinstate it within certain timeframes. Alternatively, you may need to take out new or additional cover, subject to answering questions about your health. Understanding how this works can help you decide whether restarting or taking out new cover suits your current situation.
Reducing or cancelling cover
You may decide to reduce or cancel your level of cover if your insurance needs or life circumstances have changed, or if premiums are impacting your balance or your financial responsibilities change.
You should carefully consider your insurance needs and obtain financial advice before you make any decision to reduce or cancel your cover.
Updating personal details
Keeping your personal details current is an important part of managing insurance. Changes to employment status, contact details or beneficiaries can all affect how insurance operates and how claims are assessed.
Insurance needs and cost calculator (new)
Estimating the right level of insurance can be challenging. Using an insurance calculator can help you estimate how much cover you need and compare costs of cover.
It depends on the type of cover and fund rules.
Reducing cover generally lowers premiums, which may help limit the impact of insurance costs on your super balance.
Yes. Funds allow members to cancel their insurance, which stops premiums but also removes cover. You should obtain financial advice before making any changes or cancelling your insurance cover.
We recommend you seek financial advice to consider your insurance needs before making any changes to your insurance cover. This information is general in nature and does not take into account your individual objectives, financial situation or needs. Before making a decision, consider whether it is appropriate for your circumstances and read the Financial Services Guide and relevant Product Disclosure Statement.