ANZ Superannuation The Value of Advice Super Speak Contact us
Insuring through your super

Insuring through your super Super is more than just a great way to save for your retirement, it also offers some smart ways to make sure you and your loved ones are protected if the unexpected happens.

When it comes to insurance within superannuation there can be significant differences in the costs and cover available from each fund. When looked at closely, the differences could cost you hundreds of dollars each year as well as leaving you exposed to unforeseen risks.

Save money

Having the right insurance cover through your super fund can save you money because you are using pre-tax money to pay for the insurance premiums. And with some large super funds, they may be able to negotiate discount rates with insurers. So you can be better off in two ways.

Most employer nominated super funds offer a level of cover when you join, but often this 'default cover' is not sufficient, so getting advice on the right amount of cover is very important. Your super fund also may be able to provide different types of cover, including:

  • Death cover – provides a benefit upon your death to help keep your dependants financially secure.
  • Total and permanent disability insurance – provides a benefit if you become totally and permanently disabled and were unable to work.
  • Salary continuance/income protection insurance – provides a regular income payment of up to 75% of your current income while an illness or injury prevents you from working.

Tip: Make sure the waiting period (until you receive a benefit) and the benefits period (how long you will receive a benefit) with any salary continuance cover are right for you.

 
Get advice

When considering insuring through your super, there is a lot to consider including super tax issues, so it pays to seek professional advice. An ANZ Financial Planner can help you make sure you get all the cover you need in the most cost effective way.