Are you the sort of person who feverishly checks their super balance and keeps across what's happening with their account?

If that's you, bravo.

But for the rest of us, you need to know about some big super changes that were passed through parliament earlier this year and come into effect on July 1.

The changes have been made so that super accounts with low balances are not eroded by insurance premiums and fees.

But it could disadvantage those taking a break from work, working in a contract role or running their own business, or those working overseas.

And while your super fund should have contacted you about the changes, apparently more than a third of Australians never open any emails or letters from their fund.

"We know that for the younger cohort of people — 18–34, that rises to 52 per cent," Australian Super Fund Association strategy and experience general manager Katrina Horrobin said.

"So more than half of that cohort say they don't open the communications."

Here are three major changes to super and how they might affect you.

Your super insurance might automatically be cancelled

Most of us have insurance through our super accounts, which usually covers you for death, total and permanent disability and sometimes income protection.

But, if you've got an old super account that you haven't used in a while, your insurance might be automatically cancelled.

"It will affect you regardless of what your age is, what your account balance is, regardless of whether you've interacted with the fund in the last 16 months, or deliberately chosen to have your insurance it will still affect you," Ms Horrobin warns.

"The only criteria is you haven't made a contribution for 16 months."

If you are thinking about switching super funds — the good news is it's set to get a lot cheaper. ( Pexels: Bruce Mars )

Why does it matter?

Ms Horrobin says they are most worried about people losing it, but not knowing they have until they go to make a claim at some point down the track.

"That potentially leaves them or their families high and dry without financial security and they don't know that's about to happen," Ms Horrobin said.

According to ASIC's Moneysmart spokeswoman Laura Higgins it's worth thinking about whether to keep, cancel or change your current policy.

"It's really important people examine what they have and consider what they need," she said.

"For instance, how many super accounts do you have? How much are you paying for insurance?"

Having insurance through your super account might be a good option, since rates can sometimes be cheaper because it's a "group rate".

And having the premiums deducted from your balance might be more tax effective than paying with after-tax cash.

But, if you have multiple super accounts, you might be paying for multiple premiums.

Some people choose to do this to have better coverage in case something bad happens, but for others it could be a waste of money.

Another aspect to think about is whether you have the right coverage for your circumstances — especially if you're financially supporting others.

If you're confused, Moneysmart has a tool to help you calculate how much life insurance cover you might need.

So what do you need to do?

Changes to superannuation are due to come into effect on July 1. ( Supplied: Pexels )

1. Get in touch with your super fund and find out if you're affected

2. Check whether the level of insurance cover is right for your personal circumstances

3. If you have multiple accounts, consider whether you should consolidate them

For more help, try this website, set up by the Financial Services Council and ASFA.

Exit fees will now be banned

If you are thinking about switching super funds — the good news is it's set to get a lot cheaper.

Exit fees, which cost super fund members about $52 million each year, will now be banned.

And if you've only got a small amount in super — less than $6,000 — fees will be capped at 3 per cent to try to prevent them being eroded.

"You can change and move and sort your stuff out and not be worried about exit fees," Ms Higgins said.

"That's really important because it has informed some people's decisions, like 'that will cost me to make that change' so it does create a landscape for choice that encourages people to think about what's right for them."

Inactive accounts may be transferred to the ATO

More than 6 million Australians have more than one super account.

If you've got an inactive account with a low balance (which means you haven't contributed to your account or engaged with your fund in the past 16 months and it has a balance of less than $6000), your super might be automatically transferred to the tax office.

From there, the ATO will try to combine it with the super account you're currently using (if you have one).

If they can't find one, the balance will be retained by the ATO until it can be claimed.

"It's something you need to keep an eye on because you certainly won't be earning market return whilst that money is sitting with the ATO," Ms Horrobin said.

"A balanced super fund could expect to earn 7/8/9 per cent per annum, something of that magnitude.

"If it's sitting at the ATO it will be earning a very, very low interest rate — that's not good for your end retirement outcomes."

So watch out if you have changed address, taken a break from work or haven't contacted your super fund in a while.

Other inactive accounts occur when you've chosen the default option in the past when you started a new job.

If you want to keep your inactive account separate, you must let your super fund know.

Or if you'd like to consolidate yourself — get more information here.

Overall, these reforms are good for consumers, Ms Higgins said.

"It does mean people have to engage with their money. This is their money and it should be working for them and doing what they expect and need and want it to do," she said.

"If you've got that unopened letter by the door or that email to read when you have time, make sure you're engaging with that before 1 July to make sure the changes don't impact you in a way that's unexpected to you or doesn't suit you."

While you're in a super mindset it might be worth:

1. Checking your employer is contributing at least 9.5 per cent

2. Thinking about which fund is right for you

3. Thinking about if your investment option (growth or conservative etc) is right for you at this time of your life

This article contains general information only. It should not be relied on as finance advice. You should obtain specific, independent professional advice from a registered financial planner in relation to your particular circumstances and issues.

Are you a young woman who needs help to manage your money?

We know you have unique challenges as overall, research has shown that young women:

Earn less money than men

Earn less money than men Have less money in our superannuation

Have less money in our superannuation Are more likely to have career breaks

Are more likely to have career breaks Have lower levels of financial literacy

It's time to change things. We want to help you to become more confident about money and have the skills and information you need to shore up your financial future.

So let's do it together.

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