There’s little doubt insurance can help ease the strain when the unexpected happens. Even if you’re in great health now, your situation could change at any time. An injury or illness could put you out of action temporarily or permanently, or cause your untimely death, putting you and your loved ones under financial stress as you deal with ongoing living expenses with less income. So, no matter what stage of life you’ve reached, there can be significant advantages for you having insurance cover in place.
Do you know if you have insurance in super? And do you know if you have the type and amount of cover that’s right for you? Knowing this is the first step you can take towards making sure you have financial protection for when you need it the most.
Everyone should be able to protect their future and have financial security if something ever happens. Having the right insurance can be really important. Here are three main insurance types within super for you to consider*:
provides a replacement income of a specified amount for members who are unable to work due to illness or injury. [This can also be referred to as salary continuance insurance].
*We recommend that you seek advice from a financial adviser to obtain advice tailored to your own personal circumstances.
Choosing insurance cover that might suit you and the amount of cover you’ll need, will depend on your personal circumstances. When it comes to determining your insurance needs, you may need to consider* things such as:
*We recommend that you seek help from a financial adviser to obtain advice tailored to your own personal circumstances.
Any time is a good time to review the amount of insurance cover you have in super. It’s most important to review your insurance cover when certain life events occur, like:
It’s also important to review your cover, your occupation rating and employment status to make sure you’re not paying more than you have to for the cost of your insurance. Also, an incorrect occupation rating classification or employment status may impact whether you’re eligible for cover and your ability to make a claim.
Due to new super laws rolled out during 2019, your insurance cover through your super may be cancelled if your super account:
Check out the steps to keep your insurance section.