It's compulsory for all employer super funds to provide members with some form of death and TPD cover. So, if your employer is paying super contributions into a super fund on your behalf, then it's likely you will already have some insurance.
Many funds will also offer income protection cover. Of course you don't have to take it, but before opting out, consider some of the benefits:
Lower premiums - super funds generally offer lower premiums than retail or direct insurance because they can purchase insurance policies wholesale.
Automatic acceptance - most funds offer a level of automatic cover without you having to go through a lengthy underwriting process.
Choice - some super funds allow you to access insurance policies through a group or retail offer, so you can choose a solution that suits you best.
Through a platform partner
There are a number of companies that partner with super funds to allow you to select a product that provides the benefits of insurance through super without the need for an investment component.
Through a self-managed super fund
Self-managed super funds (SMSFs) are another way of saving for your retirement.
The difference between an SMSF and other types of super funds is that, generally, as a member of an SMSF, you are also the trustee. This means you are running an SMSF for your own benefit.
Recent changes to Super Industry Supervision (SIS) regulations, means that SMSF trustees must now also consider the life insurance needs of the members of the SMSF.
Contact the team for further information about the different types of personal insurance, and help you tailor the right cover to your needs.