Insurance and super. What you need to know.

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insurance and super



Insurance is one of the most valuable benefits you can receive through your superannuation with Equip.

Knowing that you and your family will be looked after if you can no longer earn an income due to an injury or even death means one less thing to worry about.

So it’s important to understand the recent changes to insurance within superannuation, and make sure you’re covered.

Recent changes to insurance cover in super are part of wider government legislation to protect members’ account balances. They fall into two main categories:

  • Protecting Your Superannuation Package (PYSP) – aimed at members with inactive accounts
  • Putting Members’ Interests First (PMIF) – aimed at members with low balance accounts and / or 25 or younger

The rules around inactive accounts (PYSP) changed back in July 2019, while the rules about low balance accounts and younger members (PMIF) only came into effect on April 1 2020.

Inactive accounts (PYSP)

What is an inactive account? Your account is considered inactive if you haven’t made any contributions or rolled in any funds for 16 months.

What happens to inactive accounts?  If you take no action, your insurance with Equip will be cancelled. You will no longer be covered for death, or total and permanent disability (TPD).

What do I need to do if I want to keep the above cover?  We will write to you three times before we cancel your cover, and with each notification we give you the opportunity to elect and retain your cover. Alternatively, you can keep your insurance cover by making a contribution to your account. This can come from your employer, via super consolidation, or as a one-off payment directly to your account via BPay.

How do I know if I’m making contributions and am covered for insurance? We send notifications to all members at risk of losing their cover. These would be sent via either email or standard mail, depending on your preference. You can always check the status of your cover by calling the Equip helpline on 1800 682 626.

What does death and TPD cover provide?  You can read more about the benefits your insurance cover provides by downloading the fact sheet. You can see the exact amount that you’re insured for by logging into your account or contacting the Helpline.

What happens if I stop making contributions in the future? Any members whose account falls inactive will be notified by us after 9 months, 12 months, and 15 months, asking them to make a choice about their cover.

If I lose my insurance cover can I re-apply for it?  If you do not respond and your cover lapses, we cannot re-instate that cover. However, you can apply for cover in Equip again and will be asked to provide health evidence (also called underwriting).

How much does insurance cover cost? The cost of cover depends on a number of factors. You can learn more via the Equip fact sheet. Log into your Equip account to view your cover and annual fees. 


Low balance accounts and people under 25 (PMIF)

What is PMIF? The PMIF changes came into effect on 1 April 2020. They’re aimed at people under 25 and those with low account balances. The new rules mean that new fund members will no longer receive automatic insurance cover until they meet two criteria:

  • They’re 25 years of age or older and
  • Their account balance reaches $6,000

Does this impact existing Equip members?  If you were an Equip member before 1 April 2020 (regardless of your age) - and you had a balance of at least $6,000 at any one point between 1 November 2019 and 1 April 2020 - then you will retain your cover even if it falls below $6,000. For example, if you recently applied for early release, and your balance drops below $6,000 because of the amount withdrawn, you will still have your Equip cover.

Will insurance cover automatically start once a new member meets the above criteria? If you joined after 1 April 2020, your default insurance will start once you meet both criteria outlined above. Once your cover is turned on, we also deduct insurance premiums from your account.

Can a new member receive insurance if they don’t meet those criteria? Yes, you can opt in to receive insurance cover even if you have a balance of less than $6,000 or are under 25. We will write to you after you join, and you can elect to switch on your cover within 30 days of joining.

How do I check my insurance status?  You can see your level of cover and annual premiums by logging into your Equip account. If you’re not sure about the status of your cover you can check by calling our helpline on 1800 682 626.


Superannuation can offer cost effective insurance for you and your family. If you have any questions about your cover please call our helpline on 1800 682 626, and enjoy the added peace of mind. 

Issued by Togethr Trustees Pty Ltd ABN 64 006 964 049, AFSL 246383 ("Togethr"), the trustee of the Equipsuper Superannuation Fund ABN 33 813 823 017 ("the Fund"). The information contained herein is general information only and does not take into account your personal financial situation or needs. You should consider whether this information is appropriate to your personal circumstances before acting on it and, if necessary, you should also seek professional financial advice tailored to your personal circumstances. Where tax information is included, you should consider obtaining personal taxation advice. Before making a decision to invest in the Equipsuper Superannuation Fund, you should read the appropriate Product Disclosure Statement (PDS) and Target Market Determination for the product which are available at  Financial advice services may be provided to members by the trustee’s related entity Togethr Financial Planning Pty Ltd (ABN 84 124 491 078; AFSL 455010). *Past performance is not an indication of future performance.

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