Switching super funds might help you reduce fees or boost your returns, but it could also cancel your TPD insurance without you knowing. This blog explores what every Australian needs to understand before changing funds.
Why Super Switching Affects TPD Insurance
When you consolidate or switch super funds, your existing TPD insurance cover might be automatically cancelled. Many people only discover this after they try to make a claim, and by then, it’s too late.
How to Protect Your TPD Insurance
* Always check if your new fund offers TPD insurance
* Confirm the level of cover and compare it to your existing policy
* Avoid switching if you have pre-existing conditions that might prevent you from obtaining new cover
Seek financial advice or an Insurance Broker
If you’re considering switching funds, go seek Financial Advice or see an Insurance Broker. They help you understand what you’re entitled to and what you could be giving up.