By now, potentially three million Australians are in the process of having life and disability insurance stripped out of their superannuation accounts.
From July 1, super funds will be required to cancel default life insurance policies in funds where members have not made a contribution for 16 months, unless members took the decision to opt in to the policy or reactivate the account.
For some the lack of insurance premiums coming out of their accounts will be a blessing preserving their retirement savings for longer and preventing forgotten accounts of slowly being drained all of the way to zero.
Lapsing insura…
Read the full article at: https://smallcaps.com.au/insurance-stripped-three-million-australians-more-student-loan-repayments/