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Insurance changes in super. What you need to know.

Super | | 2 min read

Insurance stock


Insurance is one of the most valuable benefits you can receive through your super.

It can help financially support you and your family if you can no longer earn an income due to an injury, illness, or even death.

So it’s important to understand the types of insurance you can get through your super, and make sure you’re adequately covered. You can learn more about your insurance options via our Protecting you and your family insurance guide.

Over the past year, two changes were introduced to insurance through super, as part of wider government legislation to protect super balances. They fall into two main categories:

  1. Protecting Your Superannuation Package (PYSP) – aimed at members with inactive accounts
  2. Putting Members’ Interests First (PMIF) – aimed at members with low balance accounts and / or 25 or younger

If you have insurance through super, it’s important you know that the rules around inactive accounts (PYSP) changed back in July 2019, while the rules about low balance accounts and younger members (PMIF) only came into effect on 1 April, 2020.


Inactive account (PYSP)

Do I have insurance through my super?
You can see the exact amount that you’re insured for by logging into your account or contacting our Service Centre on 1300 655 002.

What is an inactive super account? Your account is considered inactive if you haven’t made any contributions or rolled in any funds into your account for 16 months.

What happens to inactive accounts? If your account doesn’t receive a contribution or additional super from another of your super accounts, your insurance with Catholic Super will be cancelled. You will no longer be covered for death, or total and permanent disability.  

What do I need to do if I want to keep my cover? We will write to you three times before we cancel your cover, and with each notification we give you the opportunity to elect to retain your cover. Alternatively, you can keep your insurance cover by making a contribution to your account. This can come from your employer, transferring other super you may have into your Catholic Super account, or as a one-off payment directly to your account via BPAY.

How do I know if I’m making contributions and am covered for insurance? We send notifications to all members at risk of losing their cover. These would be sent via either email or standard mail, depending on your preference, and if we have your correct details. You can always check the status of your cover by logging into your account or calling our Service Centre on 1300 655 002.

What does death and TPD cover provide? You can read more about the benefits your insurance cover provides by downloading our Protecting you and your family insurance guide.  

What happens if I stop making contributions in the future? Any members whose account becomes inactive will be notified by us after 9 months, 12 months, and 15 months, asking them to make a choice about their cover.

If I lose my insurance cover can I reapply for it?  If you do not respond and your cover lapses, we cannot reinstate that cover. However, you can apply for cover with Catholic Super again and will be asked to provide health information (also called underwriting). Your application will be subject to assessment and acceptance by the Insurer.

How much does insurance cover cost? The cost of cover depends on a number of factors. You can learn more via our insurance guide - Protecting you and your family – or by logging into your account to view your cover and annual fees.


Low balance accounts and people under 25 (PMIF)

What is PMIF? The Putting Members’ Interests First (PMIF) changes came into effect on 1 April 2020. They’re aimed at people aged under 25 with low account balances. The new rules mean that new fund members will no longer receive automatic insurance cover until they meet two criteria:

  1. They’re 25 years of age or older and
  2. Their account balance reaches $6,000

Does PMIF impact existing Catholic Super members?

If you were a member before 1 April 2020 (regardless of your age) - and you had a balance of at least $6,000 at any one point between 1 November 2019 and 1 April 2020 - then you will retain your cover, even if it falls below $6,000. For example, if you recently applied for early release, and your balance drops below $6,000 because of the amount withdrawn, you will still have your cover.

Will insurance cover automatically start once a new member meets the above criteria? If you joined after 1 April 2020, your default insurance will start once you meet both criteria outlined above. Once your cover is turned on, we also deduct insurance premiums from your account.

Can a new member receive insurance if they don’t meet those criteria? Yes, you can opt in to receive insurance cover even if you have a balance of less than $6,000 or are under age 25. We will write to you after you join, and you can elect to switch on your cover within 30 days of joining.

How do I check the details of my insurance cover? You can see your level of cover and annual premiums by logging into your account. If you’re not sure about the status of your cover you can check by calling our Service Centre on 1300 655 002.

Catholic Super offers cost effective insurance for you and your family. If you have any questions about your cover, please call our Service Centre on 1300 655 002. Our financial planning team can also assist with your insurance needs. 

Any figures quoted are correct at the time of writing but may be subject to change.

Authorised by Togethr Trustees Pty Ltd (ABN 64 006 964 049; AFSL 246383) ('Trustee') the trustee of the Equipsuper Superannuation Fund (ABN 33 813 823 017). Catholic Super is a division of the Equipsuper Superannuation Fund (ABN 33 813 823 017). Financial advice services may be provided to members by the trustee's related entity. 

Togethr Financial Planning Pty Ltd (ABN 84 124 491 078; AFSL 455010). The information contained herein is general information only. It has been prepared without taking into account your personal investment objectives, financial situation, or needs. It is not intended to be, and should not be, construed in any way as investment, legal or financial advice. Please consider your personal position, objectives, and requirements before taking any action. Past performance is not a reliable indicator of future performance.

© 2020 Togethr Trustees Pty Ltd. For further information please our contact our Service Centre on 1300 655 002 or visit our website: csf.com.au.

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