Susan Edmunds, writing at Stuff.co.nz reports that 'Kiwi Gen Hallot worked in Australia for a number of years but has since moved back to NZ. Leaving her superannuation account behind she decided to check on it a number of years later to find that AUD$5,000 had disappeared to life insurance premiums for cover she didn't know she had'
It is even worse than it appears. Several Australian life insurance policies exclude people that are not citizens. There was a recent case where a New Zealand couple discovered that the policy they took our with an Australian bank insurer would not have been valid. Fortunately the bank accepted that they should not have sold the policy, and refunded premiums. If you are New Zealander with cover in your Australian Superfund, you should check to ensure that it does not have a similar exclusion.
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