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How to get the right insurance cover for you
EducationArticle1 June 2023
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Get the right insurance for you
Right-sizing your cover
Be smart about your options
Be an (insurance) cover star
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Almost ready to take out life insurance? How much you’re covered for is a big consideration, but so is price and simplicity.
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So how do you choose insurance that’s right for your situation? To help you work out whether your lifestyle and loved ones are protected, you can start by asking these important questions.
What cover do I need?
Super funds offer members three types of life insurance:
- life cover, which pays a lump sum, or an income stream in some cases, to your beneficiaries if you die, or to you if you become terminally ill. This cover can help make sure your loved ones are cared for financially (minors receive a lump sum rather than an income stream).
- total and permanent disability (TPD) insurance, which pays a lump sum if you’re seriously disabled and unable to work again.
- income protection insurance, which pays you an income for a period (either a set number of years or up to a certain age) if you can't work temporarily due to an illness or injury.
Decide which of these covers can provide what you need. For example, income protection and TPD could protect your income if illness or injury means you are off work temporarily – or if it’s even more serious and you’re unable to work altogether.
How much do I need?
As well as deciding the type of cover that’s right for you, you should also work out how much you need. For example, if you die, life insurance can help your beneficiaries cover any unpaid debts you might have, such as credit cards.
You should also think about how much you’d need if illness or injury meant you couldn’t work for a while. Consider how much sick leave and savings or investments that you can draw on. Then supplement what you need with insurance.
To work out what’s an appropriate level of cover for your situation, use the calculator at ‘How much cover do you need?’
Is it value for money?
Paying insurance premiums out of your salary can really add up – especially if you’re paying rent or paying off a mortgage. Insurance through superannuation can be more manageable as it won’t affect your day-to-day budget.
Superannuation funds buy insurance cover in bulk – which means their premiums are often cheaper than if you buy a policy individually.
If you would like more cover than what your super offers, you can always take out an additional policy outside of super – either directly through the insurer, or through a financial adviser or insurance broker.
Is it easy to manage?
When you’re working, life can be busy and complex – so insurance should be simple. Holding insurance through your super fund means your fund pays the premiums automatically from your super account. So, you never need to remember the payment date – which couldn’t be simpler.
Your insurance should also be flexible enough to change as your life changes. Once you start a family or buy a home, having a financial safety net is important, so you might want to increase your life cover. If you have insurance through your super, you can contact your super fund and ask them to organise for your cover to be increased to meet your circumstances. (But remember, your premiums will rise to pay for the increased cover.)
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Insurance through super can be good value
By opting into insurance through your super, you gain a base level of cover at a lower cost than if you buy it through a broker or directly through the insurance company.
Want a review of your life insurance? Give us a call on <<phone number>>, email us on <<email address>> or contact us through <<website address>> to talk about the best options for you.
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“Paying insurance premiums out of your salary can really add up – especially if you’re paying rent or paying off a mortgage. Insurance through superannuation can be more manageable as it won’t affect your day-to-day budget.”
LinkedIn post
| Introduction | When you’re young and busy, there are lots of things you’d rather think about than insurance. But it’s important to be covered, and to have the right level of cover. |
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Super funds can offer three distinct types of life insurance for members:
Everyone wants life to be simple, and the less time you spend thinking about or managing your life insurance, the better. Choosing life insurance through super means you can get default cover without having medical checks. The policy stays in place even if your health changes in years to come. Holding insurance through your super fund also means premiums can be paid automatically from your super account, even if your super payments pause for a time. You never need remember the payment date – and that couldn’t be simpler. |
| CTA | To learn more, read our full article <here> |
Social post
| Introduction | When you’re young and busy, there so many things you’d rather think about than insurance – travelling, your new career, studying. But it’s important for your financial wellbeing to be covered, and to have the right level of cover. |
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| CTA | To learn more, read our full article <here>. |
This information provides an overview only on specific topics and may be limited in scope or subject to qualifications and generalisations. It is provided for your use with insureds and superannuation fund members.
The information provided is also designed to be provided to insureds and superannuation fund members under your own name and any applicable licenses. You will need to consider whether the information is required to be changed or qualified in doing so. To the extent that there is inconsistency between the information on this website and the relevant policy, the policy will take precedence. You should take professional advice and review the appropriateness of the information before it is used by you.
This information does not consider any specific personal needs, objectives, or financial circumstances.
© Zurich Australia Limited ABN 92 000 010 195, AFSL 232510. Information within it is current as at May 2023 but may be subject to change. Updated information will be available by contacting Customer Service on 131 551.
