Insurance in Super - News

When we’re healthy, and things are going well, it seems easy to prioritise how we spend our money day-to-day. A recent study found 72% of participants had comprehensive car insurance, and 62% home and contents. But why did just 22% have life insurance and 12% income protection?^#

Your greatest asset - you

The world is currently going through an unprecedented time. For most people, their greatest asset is the ability to earn. And while it is hopefully short lived, there are many examples of how difficult life could be without an income. So, unlike your car, home or phone – which are relatively easy to replace, it might make sense to consider the cost of replacing ‘you’.

Who’d be affected if you weren’t there

No one wants to think about leaving people behind. But the fact is many people each year also can’t support their families, because they’ve had an accident or suffered an illness. This could mean they either can’t work for a short period or can’t ever work again.

How long could your savings last?

Have you ever worked out how long it’d take before your savings were uncomfortably low, or your credit cards were maxed out? Studies suggest around 50% of workers under 35 wouldn’t be able to survive 1 month without an income, before needing to sell their assets^. Perhaps consider:

day-to-day expenses paid by your salary (e.g. food, bills, transport)
your debts – mortgages, credit cards, personal loans
how much income you and your family need to live comfortably
the future costs of care and education for your children or anyone you support financially.

Why consider insurance in super?

Insurance in super is designed to help protect you and your loved ones when things don’t go to plan. By not dipping into your take home pay, it could be a cost-effective way to get cover you need.

Death cover – provide for their future.

If you die, your loved ones could receive a single payment, or if eligible a regular pension. Without your support, this can help with day-to-day costs, paying off the mortgage, school fees and more.

Total and permanent disability (TPD) – for when you can’t work again.

Support yourself and your loved ones, if you become totally and permanently disabled from being sick or injured. You could receive a single payment to help pay ongoing medical costs, your mortgage, or other expenses.

Income protection – for when you can’t work for a while.

Provide for yourself and your loved ones if an injury or illness stops you working for an extended period. You could receive a monthly payment to replace up to 77% of your salary, to use on day-to-day bills or other things you need.

Features for when you’re between jobs

For when you need it the most, our insurance cover could help if you:

become injured or too ill to work for a prolong period of time - income protection still covers you. You may still be eligible for up to 77% of your salary if you are too ill or injured to work for an extended period.
become totally or permanently disabled and you’ll still be covered even if you’re unemployed for up to 13 months. As long as your TPD premiums are paid to date, and you’ve worked just 10 hours in any week before your incident date.

Find out more in our Insurance guide