HOW TO GET INSURANCE
Insurance Inside Super
Making 'Life' Easy
Your super may already be protecting you with built-in life insurance so check your insurance inside your super today.
A large number of superannuation funds have a built-in life insurance policy.
Insurance inside superannuation is an affordable way to manage life insurance for many Australians and it is important to regularly check the insurance cover inside your super and make sure it meets your needs.
IT'S MORE THAN DEATH COVER
The benefits
Buy in bulk
Super funds purchase life insurance in bulk making insurance generally cheaper for their members
Tax advantages
Premiums are paid from your superannuation account which could offer tax advantages
Good for cash flow
Premiums don’t come out of your regular income which can be good for cash flow
Automatic cover
Many super funds automatically accept you for cover without requiring a health check
Fund support
Your super fund manages your claim and supports you through the process
When you should check your insurance
Key life stages, or ‘moments’ can be a timely trigger for you to check your protection.
- Buying a home or increasing an existing mortgage
- Starting a family or the birth of a child
- Getting married or divorced
- Changing jobs or making the decision to retire
What to consider when reviewing your insurance
Everyone's situation is different and it's important to think about your needs and your family circumstance when reviewing your insurance cover.
- How much insurance do you currently have and would it cover your lifestyle if you couldn’t work?
- How much are you paying for it?
- What are you covered for?
- Do you have debts that would need to be covered if you could no longer work?
- What are your long-term costs associated with living, including medical and children’s education?
How to adjust your insurance cover
1. Check
To review your current insurance, look at your superannuation statement, log in to the secure portal or call them.
2. Choose
Think about what type of insurance you may need to suit your life stage.
3. Calculate
Use the calculator on your super fund’s website to get a guide on how much insurance cover you may need.
4. Adjust
To alter or apply for additional cover, log in to your super fund's secure portal. If not available, head to your super fund's website or contact them direct.
5. Confirm
Once you’ve submitted your application you’ll get confirmation of your cover or an indication of what other steps might be required.