The top 3 things you need to know about life insurance in super

[HEADING]

The top 3 things you need to know about life insurance in super

Here’s what’s on offer through life insurance in super

[SUBHEADING]

Life insurance isn’t just about getting money if you die unexpectedly; it’s about protecting your partner and lifestyle by keeping money coming in if you’re not able to earn an income.

[BODY COPY]

We know that life insurance probably isn’t near the top of your list of interests but taking a couple of minutes to understand it and ensure you have the right coverage can mean that if something does happen, you and your partner will be taken care of – along with the life you’re building together.

Here’s what you need to know:

Types of insurance

There are three different types of life insurance generally offered through your superannuation fund.

Life insurance

Often called death insurance, this is probably what you think about when you think about life insurance. It’s a payment if you die unexpectedly or are diagnosed with a terminal illness. Putting coverage in place gives you the comfort of knowing the person you care most about will be supported if you are taken from them.

Income protection insurance

Income protection can replace your income if you get sick or injured and can’t work for an extended period. You can set the length of the coverage, like two or 10 years, or until you reach a certain age such as 65. This can reduce the financial strain on your relationship by making it easier to keep up with the bills.

Think about it as looking forward: what would you expect to be able to fund if you were working? This replaces the income during that period.

Total and permanent disability

Like the name suggests, this is insurance provides a payment if you are unlikely to ever be able to work again. As with income protection, this is about taking a look beyond the major debts and looking at things such as paying regular bills as well as taking care of partner.

You can get affordable insurance easily though your super

Until recently, everyone who had a superannuation account likely also had life insurance included. Recent changes mean that you may not have coverage.

Here’s the good news: getting covered through super is fairly simple – just give us a call.

Getting your insurance through super can be significantly cheaper than going out and buying your own because funds buy policies in bulk, which means the premiums are cheaper. You can also change your cover easily to better suit your situation.

Because your premiums are paid out of your superannuation account, you don’t have to worry about paying them out-of-pocket when the bill comes due.

If you and your partner both carry coverage, you’re covered if something happens.

Fewer health checks and coverage for high-risk jobs

There are benefits to insurance through super other than the cost.

Most funds provide a default level of cover without a health check. They’re able to do this because they buy policies in bulk and make certain general assumptions about people. The base level of coverage may be lower than what you can get outside of super, but this means it’s easier to get and cheaper.

If you want to increase coverage, there may be health checks required. It’s a good idea generally, but specifically for this, to check the product disclosure statement (PDS) or insurance guide for the insurance, which will be available on your super fund’s website. This will talk about exclusions and how they treat pre-existing conditions.

If you work in a high-risk job, you know how expensive insurance can be. Same goes for having a health condition that makes it difficult to get insurance. Most people are still able to get insurance through super. It can take away a major financial stress for your future.

How to check your insurance

You can get your insurance needs taken care of fairly quickly by giving us a call on <<phone number>>. In fact, most funds offer a limited financial advice service to help you determine the right coverage for your needs. Quick, easy, and affordable. That’s insurance through super.

[CALL OUT QUOTE]

“As your super fund buys these insurance policies in bulk, it’s able to provide this cover for a significant discount.”