What happens to my insurance cover when I change super funds?
It does not transfer automatically. Rolling your balance out can cancel the cover attached to the old account.
What to check before you roll anything over:
- What cover you currently hold, and its amount and conditions
- Whether the new fund offers equivalent cover, and whether you must apply and be underwritten for it
- Whether waiting periods, exclusions or pre-existing-condition terms would apply to the new cover
- Whether your health or occupation has changed since the original cover started
Cover lost this way can be difficult or expensive to replace. Secure the new cover before closing the old account, and consider licensed advice - this is one of the few genuinely irreversible steps in a super switch.
Factual and educational information only. Nothing on this page is financial product advice, a recommendation, or a Shariah ruling. Consider your circumstances and the product's disclosure documents, and seek licensed advice and qualified scholarly guidance before acting.