Are you one of the 40% of Australians...
Tags: super, insurance, life insurance
… who don’t know how much insurance they have within their super??
Research undertaken by the Association of Superannuation Funds of Australia (ASFA) has shown that just over 40% of Aussies have a poor understanding of what insurance they hold within their super – with 1 in 5 Gen Y’s reporting they have no understanding at all!
Super funds typically offer life insurance, income protection, and total & permanent disability (TPD) insurances, at very competitive prices. It’s important to know what coverage you hold within your super, to make sure it suits your and your family’s needs.
We often find that clients either have forgotten the level of insurance they hold within their super and have taken out other policies elsewhere; or that they haven’t reviewed their life, income protection or TPD insurances in years and it no longer covers their needs.
This research from ASFA is a good trigger for us all to check where our insurances are at! ASFA has published the following 10 questions to ask about your super fund insurance:
- What types of insurance cover do I have at the moment?
- If I die, how much will my family get?
- If I die, who decides who will get my superannuation?
- Will I get a payment if:
- I cannot work for a period of six months?
- I am terminally ill?
- I can never work again?
- If I get a payment, how much will I be paid and when?
- Can I increase my level of cover without having to be medically tested?
- What happens to my insurance if I leave the fund?
- What happens to my insurance if I change jobs?
- Who should I contact if I need to make a claim?
- What impact does paying for my insurance have on my final retirement balance?
If you have any questions about your super fund insurance, drop us a line – we’re always happy to help.
