We're getting in touch with customers affected by the Protecting Your Super package to let them know that the insurance inside their inactive super account may be cancelled unless they tell us they would like to keep it.
If you're unsure whether you are affected, you can call us on 1300 363 267.
Customers can stop their insurance being cancelled by telling their super provider (in writing) they want to keep it. A written election to keep insurance must be made before the account has been inactive for a continuous period of 16 months. Once an election has been made, insurance will not be cancelled even if the account becomes inactive again in the future.
Making a contribution or rollover into the inactive account before the account has been inactive for 16 continuous months means the insurance won’t be cancelled unless the account becomes inactive again.
And making regular contributions (eg weekly, monthly, quarterly or annually), will prevent the account from being at risk of cancellation again in the future.
Find out more about making contributions and consolidating your accounts.
Customers have the opportunity to change the type or level of insurance held through their account. They can also cancel their insurance at any time, including before their insurance is cancelled under new laws.
If you're unsure whether you are affected, you can call us on 1300 363 267.
What to do if the insurance in your super is being cancelled
If we've been in touch to let you know the insurance in your super may be cancelled soon, make sure you understand how the cancellation could affect you and your circumstances. See things to consider
Then, once you've decided if you'd like to keep your insurance, here's what you can do:
To keep the insurance inside your super account
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Online
Complete the online form using your account number.
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Email
Download and complete this paper form
Complete the using your account number.Take a photo or scan the form, then email to AMPSuper@amp.com.au.
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Mail
Download and complete this paper form using your account number.
SignatureSuper
PO Box 6346
Wetherill Park NSW 1851 Dharug Country
(no stamp required)
Please allow enough time for the form to get to us before the cancellation date (ie the date your super account reaches 16 months of continuous inactivity). You'll receive a confirmation that we’ve received your instructions, and we’ll make sure your insurance is not cancelled.
Making a contribution or rollover before your account reaches 16 months of continuous inactivity means your insurance will not be cancelled (unless your account becomes inactive again).
If you'd like your insurance cancelled before your super account reaches 16 months of continuous inactivity, you can call us on 1300 363 267.
Otherwise, we’ll cancel your insurance as at the above date (unless it becomes active again in the meantime) and we’ll let you know once it’s been cancelled.
Things to think about before deciding whether to keep your insurance
If your insurance is at risk of being cancelled, here are some things you might like to consider before deciding whether you’d like to keep your insurance.
- By doing nothing, you may lose the insurance cover in your super account or any ability to make a claim against this insurance cover.
- Where you have premiums paid in advance, you will be entitled to claim for the period you have already paid for, despite your insurance being cancelled due to your account reaching 16 months of continuous inactivity during that period.
- You will no longer pay an insurance premium from your inactive super account.
- If you paid for your insurance in advance, you'll continue to be covered until the date it expires. Check your most recent statement for details.
- By no longer having life insurance (also known as death cover), if you die, your dependants or other beneficiaries will not receive insurance benefits from your super account (as covered by your policy).
- By no longer having disability insurance, you will not receive any benefit if you become disabled due to illness or injury (as covered by your policy).
- Where you have premiums paid in advance, you will be entitled to claim for the period you have already paid for, despite your insurance being cancelled due to your account reaching 16 months of continuous inactivity during that period.
- It can be complicated for certain people to get insurance. For example, if you have a pre-existing medical condition, by cancelling your existing policy you may not be able to reinstate this cover to the same benefit level, or get insurance elsewhere at the same premium.
- Product features like waiting or benefit periods can vary between policies. Please check your most recent statement or product disclosure statement (PDS) when considering the insurance that's right for your circumstances.
- Make sure you understand the details of insurance inside super.
- Some employers negotiate special deals for their employees. You may not get the same deal again elsewhere.
- You can get an idea for what your insurance needs might be by using our insurance calculator.
There are a range of other benefits and considerations for having insurance inside super. Find out more.
We're here to help
Easy access to your super and insurance information via My AMP
In My AMP, you can view and manage your AMP super account, including your insurance, with ease. Register today using your AMP account number. You'll then be able to:
- View your insurance details
- see your super balance and how much is being contributed to your account
- update your personal information, beneficiaries and provide your tax file number
- compare, change and view your super investments
Important information
This information is provided by AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121 (AWM Services). It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.