QLD Multiple Super funds for insurance

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Poidah

Well-Known Member
9 November 2017
133
5
419
Qld
I was wondering whether are any limits on payouts if you are paying multiple insurances on different super accounts.
Ex-wife has multiple super accounts and claims that her diagnosis precludes her from consolidating her accounts.
 

Owais

Lawyer
LawTap Verified
18 June 2018
32
4
124
Sydney, NSW
Hi Poidah - the short answer is your ex-wife can claim Life Insurance payout from multiple insurers as long as she was insured.

However, two main things to look out for:

1. Some insurers may have a policy that if the claimant already had an insurance payout from another insurer then they will not be eligible for a second payout or the insurer may reduce the sum insured. Just check that if any of the insurers have this policy.

2. From 1 July 2019, any inactive account will no longer have any default automatic life insurance cover. Inactive means a Super account which has not made any contributions for the last 16 months or more. So if she had any inactive accounts, then she may have lost automatically life insurance cover from those insurers. However, if all her accounts were active (ie' made ongoing contributions) at the date of disability/injury then she should have automatic life insurance cover for all accounts.

I hope this answers your question.

Feel free to contact us as our details are verified by LawTap. Our details can be found on LawTap website.

Kind regards
Owais
 
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