If there aren't sufficient funds in your Spaceship Super account to pay your insurance premiums, your insurance cover will be cancelled if premiums remain overdue by 30 days or more.
If your cover has ended due to non-payment of premiums, you may be able to apply to have your cover reinstated within six months, subject to the following:
be accepted by the insurer for reinstatement of cover by completing the relevant Reinstatement of Cover form;
reinstatement of cover will be effective from the date your cover stopped;
any outstanding premiums to continue your cover from the date cover is reinstated are paid by you;
you maintain a sufficient account balance to cover at least a minimum of two month’s additional premiums (and any other minimum balance requirements in your Spaceship Super account); and
for Income Protection cover, you are employed for at least the minimum hours during the 12 consecutive months immediately preceding the date your cover was cancelled
To avoid losing your cover, ensure your account balance remains sufficient to pay your insurance premiums when they fall due.
For further information, please refer to the Insurance Guide.