New laws introduced by the Federal Government known as Putting Members’ Interests First (PMIF) came into effect on 1 April 2020. These changes mean that super funds can no longer automatically provide new members with default insurance cover until they reach age 25 and their account balance exceeds $6,000.
The new changes aim to help members have insurance in their super that is right for them and ensure they don’t pay for insurance cover they don’t want or need, which could reduce their retirement savings.
A member may be able to opt-in to receive Default Cover sooner, even if they are under the age of 25 or have an account balance under $6,000. For EISS Super members, all they need to do is opt-in and have enough funds in their super account to pay the required premiums.
If an employee joined EISS Super online or through their employer they can complete the Opt-in to Default Cover form or visit our insurance page for information on insurance in super, including how they can opt-in online. Alternatively, if the employee is joining EISS Super by completing a paper application form they can opt-in by completing Step 6 of the EISS Super 'Application form' or complete the Opt-in to Default Cover form at any time.
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