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The majority of Australians who work for an employer in Australia have some level of life insurance or income protection through their superannuation fund.
While most employer super funds offer a basic level of cover, the benefit amounts will vary and are usually limited. For example, the default cover in your super may only provide $100,000 for life insurance, when many families today need up to $1 million or more to protect their lifestyle.
When it comes to income protection through superannuation, remember that you are in control of your policy.
Because everyone’s circumstances and requirements are different, it’s important to make sure you understand the level of cover your super fund provides. If you find your default cover isn't adequate, you have the option to take out your own policy to cover the extra amount of cover you may need relative to your situation.
Choosing your own cover through your super offers:
Remember that the cost of insurance premiums is deducted from your super balance, therefore reducing the amount of money available for your retirement. You may also have to pay tax on certain insurance benefits at claim time. Always consult with your financial adviser or tax adviser for guidance on your particular situation.
If you're looking to review your income protection insurance policy, iSelect can help you find a suitable policy. Compare Income Protection online or speak to one of our qualified insurance advisers on 1300 887 299.