Putting Members’ Interests First legislation – electing to maintain insurance cover

The Putting Members’ Interests First (PMIF) legislation was introduced by the Federal Government to protect members' account balances from being unnecessarily eroded by inappropriate insurance premiums.

The PMIF legislation means that, unless an exception applies or the member has otherwise elected for insurance to be provided (Election), Prime Super will not provide insurance cover^#, including automatic (default) insurance cover, to new members unless they:

are aged 25 or over; AND
have a Prime Super account balance that has reached $6,000 or more.

Read more about the PMIF legislation here.

How to opt-out of cover

By selecting "No Insurance" in the options below, you will no longer be eligible for default cover in the future. Should you later decide to take out insurance cover, it will be subject to a health assessment and acceptance by the insurer.

How to opt-in to cover

If you wish to receive automatic (default) insurance cover, you must:

opt-in to the default insurance cover (subject to satisfaction of all insurance eligibility criteria); and
elect to maintain your insurance cover through Prime Super^# despite the operation of the PMIF legislation.

You can opt in and elect to maintain insurance cover by selecting “yes I would like default cover” below.

The Product Disclosure Statement (PDS) 'Member guide. Superannuation and Personal Super Plan' sets out the types and amounts of default insurance cover you may be entitled to as a Personal Super Plan member, and how your insurance costs (including premiums) are determined. Please read it carefully, before determining whether to make an election. You may also find it beneficial to obtain advice from a licensed financial adviser before making any decision about your insurance cover.

The provision of insurance cover through Prime Super is subject to terms, conditions and eligibility criteria and acceptance by the insurer^#, including when cover may commence or recommence as Restricted Cover (as defined in the relevant PDS). Please refer to the relevant PDS for further information.

Prime Super will provide you with confirmation of your insurance cover (if any).

By selecting yes to 'Default Cover':

you are electing to opt-in to the automatic (default) insurance cover for which you are eligible through Prime Super^# as described in the PDS, upon joining as a member of Prime Super (Fund);
you are electing to maintain all current and future insurance cover which is provided to you through any account for any product you hold in the Fund (even if your account balance in the Fund is less than $6,000, or you are under the age of 25);
you acknowledge and agree that:
- cover can only be provided if you have sufficient funds in your account to pay for premiums and other insurance fees;
- cover can only be provided if an amount has been received into your account within the last 16 months^ (unless you have made a separate election for cover to be provided in such circumstances);
- any cover you obtain as a result of making this election may be Restricted Cover as explained in the PDS, which will not provide a benefit in relation to any pre-existing injuries or illnesses that occurred prior to making this election;
- you understand the effect insurance premium and other insurance fee deductions may have on your account balance; and
- you have read and understood the information about insurance available through a Prime Super superannuation account, as set out in Section 8 of the relevant Prime Super PDS available here;
you understand that personal information provided on this form will be used to action your election request; and
you declare that the information you have provided is true and correct.

Important: You can cancel or vary your default insurance cover at any time in your MemberOnline account, by contacting us in writing by email or post, or by calling us on 1800 675 839 Monday to Friday 8am-8pm AEST.

^Your account will be inactive and insurance cover cannot be provided under law, if an amount, such as a contribution or rollover, has not been received into your account for 16 months, and you haven't made an election for insurance cover to be provided despite this, and an exception does not apply.

#Insurance provided through Prime Super is issued by TAL Life Limited (TAL) to Prime Super Pty Limited (the trustee for Prime Super). Cover is subject to terms and conditions and eligibility criteria. Some occupations are excluded from cover and some members may not be provided with cover or may be provided with different types and levels of default cover depending on their circumstances.

Your account's insurance information