Inactive accounts
Protect Your Super
On 1 July 2019, 'Protecting Your Super' legislation came into effect that requires us to cancel a member's insurance cover if their account has been inactive (no contributions or rollovers received) for 16 months or more, unless they elect to keep their cover.
If your account is inactive and you take no action or simply do nothing, after 16 months your insurance cover will cease automatically and insurance premiums will no longer be deducted from your BUSSQ account.
What can you do?
Keep your cover
If you wish to keep your cover, even if your account is inactive, complete this online election form.
Cancel your cover
If you wish to cancel your insurance cover you can do this in your online account or by calling us on 1800 692 877.
Reinstate your cover
If your insurance cover has been cancelled and you wish to reinstate it, complete this form and provide it to BUSSQ within 2 months of your cover ending.
Unsure whether to take action?
If you're unsure of what do do, we encourage you to seek financial advice.
Further information about insurance in super is also available on ASICS's MoneySmart website.
If you need any help sorting out your insurance cover, call us on 1800 692 877.
We want to make sure your super is working as hard as it can for you. After all, it’s all about growing and maximising your super so you can live the lifestyle you dream of when you eventually retire.
Having the right level of insurance cover for your needs is a good thing, having too much or not enough can have the opposite effect so it’s a good idea to check in regularly to ensure you have the right cover.
