Do you have life insurance in an APRA fund?
We are aware that some clients have an APRA fund (retail/industry fund) maintaining a low balance to service life insurance cover in that fund.
Due to changes in legislation, where your APRA fund balance is below $6,000 (as at 1 April 2019) or no contributions or rollovers were made into the fund for a continuous period of 13 months or more prior to 1st July 2019, the life insurance cover may lapse and your account become inactive.
You should receive a letter from your APRA Fund, if not already received, to elect to opt-in to the life insurance policy and keep the fund active. If you have a low balance and do not receive an option to opt-in from your APRA fund by 31st May 2019, please contact them direct to ensure your life insurance policy does not lapse.
General Advice Warning
The information provided in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a licensed financial adviser.