Understanding life insurance within super

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Around 70% of Life Insurance policies in Australians are held inside superannuation. So, there’s a good chance you already have some level of life insurance, even if you didn’t know it?

There are some benefits to having and paying for your insurance within your superannuation. It can often be cheaper as super funds can purchase insurance policies in bulk. By having premiums deducted from your super account you won’t be dipping into your personal take home pay.

However, paying for insurance via your super could decrease your super balance if your premium is not being offset by contributions or investment growth. There may also be tax implication if you make a claim? It’s also very important to be aware that life insurance provided by super funds is usually bought on a group basis, and often a set amount based on your age, with many policies having cover that decreases each year as you get older.

We believe tailored insurance cover based on your personal needs and situation is vital to ensure you and you your loved ones are adequately protected. The last thing you want is to make a claim, only to discover you aren’t covered for everything you hoped you might be.

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