November 2019 Directors' Column

Jo Dawson - November 2019

Keep your house and your life in order

Our home is one of the most valuable assets we will ever own. Most of us have a mortgage on that home. To protect our homes, we insure them and most of us also take out life insurance and income protection insurance, so that should we be unable to work due to sickness or injury, or pass away, our loved ones will have the funds to pay the mortgage and keep a roof over their heads. Many people own this income protection and life insurance via their superannuation funds.

Yet again the superannuation rules have changed, and this has the potential impact of cancelling your insurances.

From 1 July this year, if your insurance is included in a superannuation account that is considered inactive, then your super fund may have cancelled your insurance, as the government does not want your superannuation being eroded by unnecessary insurance premiums. To keep your insurance in place you must have requested this of your fund.

We want to look after our Members so check your insurances are where they should be, and if you have any concerns please give one of our Bank First Financial Planners a call on 1300 654 193 as they are here to help.

Joanne Dawson
Director