Life Insurance Inside Your Super

"When I speak with women specifically I want to focus on them as people not just as a group or the gender "woman"."
-Katherine Hann
January 24, 2017

Life Insurance Inside Your Super

By Katherine Hann

Life Insurance Inside Your Super

Life Insurance Inside your Super

Most of us have insurance inside super without even knowing it
.

I was having a general discussion the other day with a man who was doing some repairs to the office where
I work.

He told me that he went to a bank financial planner wanting to know the answer to just one question: “Am I doubling up on my life insurance?”

He never did get the answer and so asked me.

My first questions was “Do you know how much you have?” He answered with, “I have a joint policy with my wife and it is costing us a lot of money.”

The next question I asked was “Do you have any super?” and he answered “We both do.”

I asked him, “Do you know if you have any insurance inside your super?” and he said “I have no idea.”

Most of us have insurance inside super without even knowing it.

It could be what is called default insurance, which occurs when
the super policy is set up and depending on your age and what you earn, the super company will automatically insure you for a certain amount of Life and Total and Permanent Disability Insurance.

In some cases you may also have income protection insurance within your super.

Not sure what these are? Check out my earlier blog here “Do You Need Personal Risk Insurance” which explains the types of personal insurance
that you can have within super.

You can read your super statement to see if you have insurance but if you are not sure what you are looking for, ask your financial adviser and they should
find out for you.

If you want to know if you have too much or too little insurance either inside or outside of super, come and see me for a no obligation first appointment.