Why You Should Review Your Group Insurance When Changing Jobs
- Covermate Life
- 2 days ago
- 2 min read
Why You Should Review Your Group Insurance When Changing Jobs
Changing jobs is an exciting milestone, but one area many Australians overlook during the transition is their insurance cover.
For many employees, life insurance, total and permanent disability (TPD) cover and income protection are held through their employer-sponsored superannuation fund as part of a group insurance arrangement. What many people do not realise is that leaving an employer can sometimes place this cover at risk.
At Covermate Life, we assist clients Australia-wide with reviewing and navigating continuation options when changing employment.
What Is Group Insurance?
Group insurance is cover provided through your superannuation fund, often arranged via your employer. Because the insurance is issued on a group basis, many people are able to obtain cover without extensive medical underwriting when they first join their employer or fund.
This can be extremely valuable, particularly for:
people with existing medical conditions
high-risk occupations
older clients
clients who may struggle to obtain new cover today
However, when you leave your employer, your existing cover arrangements may change or even cease entirely.
What Is a Continuation Option? - Changing jobs
A continuation option may allow you to transfer your existing group insurance into an individual retail policy without needing to undergo full medical underwriting.
In simple terms, this can allow you to maintain important cover that may otherwise be difficult or expensive to replace.
Importantly:
it does not matter who your employer is
it does not matter which industry you work in
it does not matter which super fund you are with
If a continuation option exists, Covermate Life can help assess and guide you through the process.
Why Timing Matters
Continuation options are often only available for a limited period after leaving employment. Missing these deadlines can result in:
losing valuable cover terms
needing full medical underwriting
higher premiums
exclusions or declined applications
This is why it is critical to seek advice early when changing roles or leaving an employer.
Common Situations Where Continuation Advice Is Important
You should consider reviewing your insurance if you are:
changing employers
moving from full-time to self-employed
being made redundant
retiring
changing industries
reducing work hours
consolidating superannuation accounts
Many Australians Are Underinsured
A large number of Australians either do not understand the level of cover they currently hold or assume it will simply continue automatically when changing jobs.
Unfortunately, this is not always the case.
Reviewing your insurance before changing employment can help ensure you and your family remain protected if something unexpected occurs.
How Covermate Life Can Help
At Covermate Life, we help clients:
review existing group insurance arrangements
assess continuation eligibility
compare retail insurance options
understand policy terms and definitions
ensure cover remains appropriate after employment changes
Our goal is to make the process straightforward and help clients protect what matters most.
Final Thoughts
Changing jobs should not mean losing valuable insurance cover.
If you are changing employers or have recently left a role, now is the time to review your insurance arrangements and understand what options may be available.
Contact Covermate Life for a confidential discussion about your continuation options and existing cover.
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