Understand your insurance
Helping you protect the things that matter. Insurance cover through your super is designed to provide you and your loved ones with peace of mind should the unexpected happen.
INSURANCE THROUGH SUPER
If you weren’t able to earn an income because of injury or illness, or in the unfortunate event of your death, having insurance through super could mean your family or dependants aren’t left with a financial burden. It’s peace of mind.
Most of us are on the front foot when it comes to insuring our homes, cars and other assets and that’s great, but it’s also important to think about protecting your most valuable asset—yourself, and of course your ability to earn an income.
You can get this safety net directly from an insurer, or you can rely on the insurance you can get through your super account (or both).
Insurance within super has been designed to help fill the gap between the level of cover it takes to make sure that you and your loved ones are taken care of if the unthinkable happened (through injury or death), and the financial burden of having little to no cover at all.
In fact, according to the Australian Government’s MoneySmart website, more than 70% of Australians that have life insurance hold it through super1, so there’s ample reason to care about it. Here are some points to consider.
- What if your circumstances changed tomorrow and you became seriously sick, injured and were unable to work—perhaps ever again? Insurance in super can make sure you have enough finances to see you through.
- If you weren’t able to earn an income because of injury or illness, or in the unfortunate event of your death, having insurance through super could mean your family or dependants aren’t left with a financial burden. It’s peace of mind.
- It’s not all about death. The types of cover generally available through your super extend beyond Death cover to Total and Permanent Disablement (TPD) cover and Income Protection cover.
- You benefit from the power of group insurance, where we negotiate competitive prices on behalf of all our members. Plus, insurance fees can effectively be paid from your pre-tax income, and some employers will even pay these insurance fees on your behalf.
- You may be eligible for automatic cover via your super, but otherwise we can help you through the application process or to get additional cover.
- If the insurance fees are paid from your super account, they can erode your retirement savings.
What is insurance in super?
There are a few different types of insurance cover available through your super and we want to help you work out the right type of cover you need for your circumstances.
How much is enough?
After working out what type of insurance cover you need, the next big question is working out how much cover is enough to give you the peace of mind you and your loved ones deserve.
Important rules on insurance
In recent years the government has made changes to the rules around the insurance cover available in super, and it’s important you understand how these rules may affect you.
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1 Insurance through super, moneysmart.gov.au, https://moneysmart.gov.au/how-life-insurance-works/insurance-through-super
2 For further information about the methodology used by Chant West, see www.chantwest.com.au