Benefits of insurance through your super
Insurance is for when things don’t go the plan. Like getting sick, getting injured, or even death. It can help you and your loved ones pay the bills and keep things going if something happens to you.
Learn more about your insurance with Rest here.
Reinstating your cover
If you want to reinstate your cover, you’ll need to let us know within 60 days of the date your insurance is cancelled. You’ll find the cancellation date, and the date you need to respond by, on the letter or email we send to you.
To reinstate your cover you can:
- send us an email within 60 days of cancellation. Click here to use our email template or email us at contact@rest.com.au. Your email should have ‘Reinstate my insurance’ in the subject line. Make sure that your email includes your member number, full name and date of birth. In your email, please state that you wish to keep your insurance cover with Rest;
- complete the reinstate my insurance form available here, and return it to us within 60 days of cancellation;
- make a personal contribution, or have your employer make a contribution to your account within 28 days of cancellation. To find out ways to contribute, visit here.
If your insurance is reinstated, your account must have enough funds to pay the premium owed and outstanding fees for the period your insurance was cancelled.
Your account may be transferred to the ATO
Your account will stay at Rest (and will not be transferred to the ATO) if you:
- have over $6,000 in your account;
- made a contribution into your account or a rollover from another fund within the last 16 months;
- have insurance cover or have made a change to your insurance cover in the last 16 months;
- made changes to your investment options in the last 16 months; or
- made or amended a binding death benefit nomination in the last 16 months.
If your Rest account balance is transferred, the ATO will try to consolidate it into an active super account you might hold. An eligible active super account is one where you've made a recent contribution, and has a balance of $6,000 after the transfer of any ATO-held super.
If you have an account with another super fund, you can transfer any ATO-held super to your other fund. You can do this through your myGov account, or by contacting your other super fund.
If you don’t want your account to be transferred to the ATO, you’ll be able to let them know. Just complete this form and return it to us.
If you do have other super accounts, it's easy to combine your super in 3 steps
Before combining your super, check how it might affect your insurance in your other funds and if they have any other fees. If you have any questions we recommend you have a chat with a financial adviser.
Combine now
Capping of fees for low balance accounts
To help protect low balance accounts, from 1 July 2019 there is a cap on the amount of administration fees, investment fees and certain costs that can be charged to members with an account balance below $6,000. This cap is equal to 3% per annum of the member's account balance.
Also from 1 July 2019, there are no exit fees payable if you leave the fund, regardless of your account balance.
