Should your life and disability insurance be inside super?
We know insurance is important, but choosing where to get the right cover is a minefield. Here are the pros and cons of holding insurance in super.
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We know insurance is important, but choosing where to get the right cover is a minefield. Here are the pros and cons of holding insurance in super.
If you have insurance inside super but you’re not sure how it works, it’s easy to take control once you learn the basics and how to assess your needs.
Income protection premiums continued to increase at a significantly higher rate than death and TPD premiums in 2023, but the cost of cover varies widely.
As the cost of living rises, life and TPD insurance premiums inside super have bucked the trend with little or no movement in 2023.
An increased risk of bushfires this summer means you need to make sure you have enough insurance in place to cover any losses.
If you suffer a total and permanent disability, making the most of any TPD insurance you have in super is crucial.
Holding death cover through your super fund can be a costeffective way to protect your family and financial dependents and to help pay off your debts if you die.
There are pros and cons to weigh up before you purchase insurance through your SMSF, so it’s important to understand the rules.
TPD cover is a valuable benefit often provided as part of your insurance cover inside super. But there are important differences between funds, so ensure you check out the details.
Income protection insurance through your super fund can be invaluable for paying the bills if you can’t work temporarily. But it’s important to understand exactly how these policies work.
People working casually, part-time or in ‘hazardous’ jobs may be paying for junk total and permanent disability insurance.
The Protecting Your Super Package of reforms start on 1 July 2019. These reforms are designed to protect your super accounts from being eroded by insurance policy fees and premiums that you may not require, as well as help to consolidate your low balance super accounts.
SuperGuide is Australia’s leading superannuation and retirement planning website.
Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.