What is insurance through super?
Insurance through super means purchasing insurance using your super fund. It can be a tax-effective and cheaper way of safeguarding your financial security in case of sickness, injury or death.
It’s important to check with your financial adviser to make sure the cover provided through your super fund is the most appropriate cover for your financial circumstances.
Some important points to consider when consulting with your financial adviser include:
- Check that the amount of cover provided by your fund meets your needs.
- Check if there are delays in making life insurance payouts. This can happen with super funds as the payout must go to the fund first before being distributed to beneficiaries.
Check the rules around nominating beneficiaries. If your fund does not allow you to make a binding beneficiary nomination your death benefit may not go to the people you want it to.
Learn more about myths
Did you know?
You can buy Term Life, Income Protection and Total and Permanent Disability through your super.
Taking out insurance through super can be cheaper and tax-effective.
