What is the benefit of taking out insurance through super?
Insurance through super can be a simple, tax-effective way to protect yourself and your family.
Tax-effective
Insurance premiums are deducted automatically from your super balance so you can protect yourself and your family’s future without affecting your take home pay or everyday cash flow. This may be a more tax-effective way to purchase insurance cover than using your take home pay.
Cost-effective
Choosing life or income protection insurance through your super fund can be a great way of keeping insurance premiums competitively low. Most super funds use their buying power to negotiate group or wholesale rates, so insurance premiums paid through super are generally lower than premiums for similar insurance cover purchased outside of super.
Seek advice
Making a decision about purchasing insurance through super is probably best done through talking to a financial adviser. It’s important to make sure you have the right amount of cover and benefits that won’t affect your retirement savings.
Learn more about Myths
- What is insurance through super?
- What are the types of insurance through super?
- What is the benefit of taking out insurance through super?
- Employer sponsored or standalone options
- Self-managed super funds vs. SuperWrap options
Did you know?
Insurance through super means purchasing insurance using your super fund.
Insurance can sometimes be purchased through your employer sponsored super fund, as a standalone purchase or as a combination of both.
