Managing your insurance through COVID-19

Accessing super early

If you have insurance inside your super account, accessing your super early could affect it in a couple of different ways.

Firstly, if you withdraw a lump sum from your super and it leads to a zero account balance your super account may be closed, and your insurance will be cancelled from the closure date. Your insurance may also eventually be cancelled if your account balance remains too low to pay the monthly premiums.

Secondly, if you’re not able to make any contributions into your super account for 16 months, your insurance may be cancelled because the account is considered inactive under super laws, unless you tell your super provider you want to keep it.

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Will my income protection cover me if I’ve lost work?

Income protection covers you if you can’t work because of illness or injury. Income protection doesn’t cover loss of work for other reasons (like business closure).

If you have income protection with your super, it’s important to understand how it may be affected by a change to your work hours or income, so it’s a good idea to check your policy. What’s more your income protection cover will stop if you’re no longer employed.

For more information on your policy and cover, please contact your financial adviser or our customer support team on 131 267.

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Will my insurance be affected if my work hours have changed?

Generally, insurance inside super is assessed using the hours you were working and your income at the time of injury or illness. However, since many people’s hours had been reduced as a result of COVID-19, some insurers had brought in some short-term measures to help.

​​For example, with certain Resolution Life Australasia insurance policies held inside an AMP super account – claims made where the injury or illness occurred between 29 February 2020 and 31 March 2021 will be assessed in a way that makes sure the benefits aren’t reduced because of a reduction in work hours. Learn more
​Each insurance type and policy has its own terms and conditions, so you’ll need to check yours to understand more, or call your super provider.​

​COVID-19 insurance FAQs

What if I’ve been made redundant?

If you have an employer superannuation account, then, when you leave the employer the insurance held in this account may be affected. For example, if you received insurance automatically when you joined your employer (as part of the plan), once you leave your job, this insurance may no longer be passed on to you, or the cost of it may be higher. Please check your insurance policy or call us for more information specific to your plan.

There may also be eligibility requirements to be aware of once your circumstances change including age, account balance and contributions - if you’re not in a position to make any contributions into your super account for 16 months, your insurance may be cancelled under super law.

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