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Life hack: get insurance through your super
EducationArticle6 June 2023
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Life hack: Get insurance through super
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Having life insurance through your super account is maybe the simplest way ever to protect your lifestyle if illness or injury strike.
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Life insurance is one of those things you really don’t think about when you’re young, and hopefully you’re not going to need it any time soon. But having life insurance is an easy way to protect your lifestyle and your financial future if the unexpected happens and you’re not able to work because of illness or injury.
Life insurance is more than just money if you die (that’s called life cover or sometimes death cover). Life insurance can also include income protection insurance, which pays a percentage of your usual income if you can’t work temporarily. If the situation is more serious, and you’re unable to work permanently, then total and permanent disability (TPD) cover in your life insurance can pay out a lump sum.
Isn’t insurance expensive?
It doesn’t have to be! You can decide how much life insurance you want and how much you want to spend. The good news is you can arrange life insurance cover through your superannuation fund (that’s us!) – something everyone in Australia should think about. And you may save a bit of cash in the process.
That’s because, instead of you dipping into your pocket each month to pay your life insurance premiums, they’re paid for out of your super. Even better, we deal directly with your insurer to get cover for thousands of members, so we’re in a great position to get a good deal.
Don’t I already have life insurance through my super?
Until recently, everyone got life insurance through super automatically. But in 2020, the government made changes to insurance through super. (You may have missed it because, you know, there were a lot of other things happening in 2020.) The government did this to avoid income premiums chewing up low super balances.
Now, anyone under age 25 doesn’t automatically get life insurance when they open a new super account. So if you’re under 25, you may need to contact your super fund to opt in to having insurance cover.
Another change is that if you haven’t made any super contributions for 16 months or have less than $6,000 in your super account, your premium payments and insurance cover may stop unless you contact your super fund and say you want them to continue. (This may not apply if you work in a dangerous job as your fund may provide automatic cover anyway.)1
If you want to find more about life insurance and your super, visit our just give us a call on <<phone number>> or contact us through <<website address>>. We can answer your questions and get it all sorted.
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What to do next Want to get up to speed with your insurance? Here’s what you need to do.
If you’re not sure the level of cover you’ll need, your super fund can give you some guidance based on your circumstances. |
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“Having life insurance is an easy way to protect your lifestyle and your financial future if the unexpected happens and you’re not able to work.”
1 moneysmart.gov.au, ‘Insurance through super’, accessed 8 September 2022.
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| Introduction | Want to know if you’re insured or not? It’s so easy! Simply: |
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But being insured is an easy way to protect your lifestyle and your financial future if the unexpected happens and you’re not able to work because of illness or injury. It’s more than just money if you die (that’s called life cover or sometimes death cover). It can also include income protection insurance, which pays a percentage of your usual income if you can’t work temporarily. If the situation is more serious, and you’re unable to work permanently, then total and permanent disability cover in your life insurance can pay out a lump sum. Is it expensive? It doesn’t have to be! You decide how much life insurance you want and how much you want to spend. And you can arrange it through your superannuation fund (that’s us!) and save money in the process. That’s because we deal directly with your insurer to get cover for thousands of members, so we can negotiate better rates. Am I already covered? Until recently, everyone got life insurance through super automatically. But in 2020, the government made changes to avoid premiums chewing up low super balances. Now, anyone under 25 doesn’t get life insurance when they open a new super account. And if you haven’t made any super contributions for 16 months or have less than $6,000 in your super account, you may not be insured. Call your fund to check and opt-in. |
| CTA | To learn more, read our full article <here>. Or call us on <<phone number>> or contact us through <<website address>>. |
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| Introduction | Want to know if you’re insured or not? It’s so easy! Simply: |
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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.
