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What type of insurance can you access through super?

January 2019

Did you know that your compulsory retirement savings can help you to protect you and your family in the event of a serious illness, injury or death?

By purchasing insurance through your super you can take advantage of a number of financial benefits:

  • Preserving your disposable income - with premiums paid directly from the balance of your super fund your day-to-day cash flow is unaffected.
  • Access to tax concessions - if eligible, you can claim a tax deduction on super contributions to fund insurance premiums.
  • Pay your premiums with pre-tax earnings - employer contributions into a super fund are paid with pre-tax dollars, so any insurance premium you pay from your super fund becomes a more tax effective premium solution.

What type of insurance can you access through super?

Through super, you could access three main types of insurance cover:

  • Death cover provides your beneficiaries with a lump sum benefit if you die.
  • Total and Permanent Disablement (TPD) provides a lump sum benefit if you become seriously disabled and are unable to ever work again.
  • Income Protection provides an income stream for a specified period if you can't work due to temporary disability or illness.

Contact the team for further information about the different types of personal insurance, and help you tailor the right cover to your needs.

Topics: Inflation, Life cover, TPD insurance, Underinsurance, Cutcher & Neale Risk Insurance, Income protection, Tailored insurance, Premiums, Policy

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