Keep or reinstate your insurance

Keep or reinstate your insurance cover

So, you accidentally let your insurance cover lapse? Or maybe you cancelled it and have now changed your mind. Either way, don’t stress.

If you didn’t mean to change or cancel your insurance cover but it lapsed due to your account being inactive (meaning your account hasn’t received a contribution in 16 months), you can get it reinstated within three months without any penalties.

If your cover lapsed because you didn’t have enough money in your account to cover the next premium, you have six months to sort it out and pay the outstanding amounts without any changes to your cover occurring.

What happens next?

We’ve spoken about underwriting on the change your cover page, so if you need a little recap of what that is and how it works, head back there. It’s important to understand that if you choose to cancel or reduce your insurance cover in super, you’ll probably have to go through underwriting if you decide you want it back.

As part of the underwriting process, there is a chance a couple of things could happen. First, something called exclusions. Exclusions are basically asterisks to your cover. For example, if you have a pre-existing medical condition, you probably won’t be able to claim for it since it will be excluded.

Second, you may have to pay more than you used to, even if you want to reinstate the exact same level of cover. This is called a ‘loading’ to account for your pre-existing conditions the insurer decides to cover for a higher amount.

Hang on, I want to keep my insurance!

To find out how to reinstate your cover and what the terms will be, please contact our team on 1300 361 477.

Page last updated 1 December 2023