Many doctors, dentists, other professionals and employees are members of a public superannuation fund (other than a self-managed superannuation fund). And most such funds offer life, total and permanent disability (TPD) and income protection insurance for their members. This is sometimes referred to as “group” insurance in superannuation funds.
One issue that could arise, is that most super funds will automatically provide you with life cover and TPD insurance with a specific amount of cover, without you asking for it. This is referred to as a “default” amount and is what you will be given unless you ask for something different. Some will also automatically provide income protection insurance. This insurance is for a specified amount and is generally available without medical checks.
Automatic life insurance in super funds is often not personalised and may not meet the personal needs of the member. The cover also has limitations compared to other options. The amount of cover could be too little or too much or not the right type for you. In a survey (MLC. May 2022. Designing group insurance for the future ) of 1500 everyday Australian superannuation fund members, it was reported that :
- Only 42% of members have ever reviewed their cover
- Approx 71% of members want cover more personalised
You should consider using a life insurance adviser to review what cover you may have in any public superannuation fund and consider your individual needs, goals and circumstances to advise if this cover should be retained, supplemented, increased or replaced.
If you want to engage Experien Insurance Services for a complimentary review of your existing insurance then you can reach out to Lloyd Levin at ‘[email protected]’ or on 0425 791 656. Lloyd works from our office and helps many of our existing clients.
PLEASE NOTE
This is general information and you should not act on it, or rely on it, without obtaining personal advice. Always read the product disclosure statement (PDS) issued by an insurer before considering to take out insurance. Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) Count Financial Limited ABN 19 001 974 625, AFSL 227232. Experien and Curve are not related business entities.
