Helpful Hint when Cancelling Insurance Cover

As your circumstances change throughout your life, we will continually review your insurance needs. There may be a time where you no longer require insurance cover at all or a specific type of cover (e.g. Income Protection).

When cancelling insurance cover held outside of the superannuation environment, we will typically remove the payment method so that the policy lapses rather than just cancelling the cover.

By doing this, you essentially get an additional two months of cover as the policy will still be in force.

If something happens during the grace period whilst the policy is lapsing and you are able to make a claim, you can pay the outstanding premiums to reinstate your policy and submit a claim.

For insurance policies held within superannuation, typically you are unable to remove the payment method as the premiums are funded from the cash component of your super fund. In these instances, we will submit a request to cancel the cover effective immediately.

We always suggest that you get a health check before cancelling any insurance policies.