With a wealth of options available to you, choosing the right plan for personal insurance can be challenging. From choosing the right amount of coverage to working out the difference between insurance options, the process can become complex.
You may be surprised to learn that superannuation funds offer insurance policies that provide financial compensation if you are temporarily or permanently unable to work.
If it all seems a little confusing, don’t worry. To save you some time, we’ve put together some helpful information regarding insurance options via your superannuation.
The term superannuation insurance can refer to several forms of insurance available through your nominated super fund, including:
It’s very common for people to leverage insurance through their superannuation, with ASIC recently reporting more than 10 million Australians currently hold policies.
Many super funds provide you with life and TPD insurance automatically, while others will automatically offer income protection. To learn if you’re already covered for the above, we recommend checking with your super fund.
Like any insurance policy, superannuation insurance attracts premiums. These premiums are generally automatically deducted from your super balance.
There’s no definitive yes or no answer to this question. Based on your needs and personal circumstances, it really comes down to what is best for you. It’s also a good idea to get advice from a financial advisor or a similar expert.
TPD, Life insurance and Personal Income Protection all offer peace of mind, whether you have dependents or not. We recommend comparing what’s on offer from your nominated super fund with the external options available to find what works best for you.
Looking for the best personal insurance to suit your personal requirements? Or are you just tossing up between super funds? Here are some pros and cons of superannuation insurance to help you weigh up your options.
While the policy terms will determine when you can lodge a claim, most superannuation funds will allow you to lodge a claim for any scenario in which you fall ill or suffer an incident that prevents you from being able to work, including total and permanent disability, from which you are unable to recover.
Making a superannuation TPD claim can be time-consuming, confusing and sometimes risky.
However, it doesn’t have to be. You can eliminate a lot of the hassle by leveraging Claimify’s free super online service to learn if you have a viable TPD insurance up your sleeve.
Our team of experts can assist you with free legal advice so you know where you stand in your time of need. It’s a risk-free and simple online process, and no paperwork or lengthy legal meetings involved.
Additionally, if you are hurt at work, you may still be able to make a workers’ compensation on top of a TPD insurance benefit.
When you’re unable to work, the last thing you want to worry about is paying the bills. With superannuation TPD insurance claims, we’re always in your corner.