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Our guidance is general and does not take into account your personal situation. Always consider your own situation and whether the guidance we provide is relevant to you before relying on. If in doubt, seek professional advice.
Many Australians have life insurance sourced through a superannuation fund, however the vast majority of these people and they assume this will provide enough have inadequate cover for their needs. You can’t ‘set and forget’ your life insurance cover without risking underinsurance.
If you need more life insurance, you might be able to access it through your super fund - so it is worth checking this. But if you can’t you might need to buy an extra policy to meet your needs.
To know what you want to do, first you’re going to need to work out how much cover - our life insurance calculator can give a basic calculation as starting point and then you can see whether your super fund will offer the full amount.
Don't put all your eggs in one basket, make sure you review life insurance through a superfund versus a separate life policy held outside the fund before you decide which option is best for you.
You should firstly decide whether the cover that you have under your superfund is enough taking into account your personal circumstances. If you decide that the cover is not enough, you may decide to increase the amount under your superfund, or purchase additional life insurance through an insurer.
Independent insurance providers have life insurance policies that can offer different options and conditions to accompany a policy through a super fund. Due to their broader coverage, independent insurance providers can often tailor a policy to an individual’s needs and wants.
Compareinsurance.com.au compares 11 of Australia’s life insurance companies that have different policies to suits all your family’s needs and budget.
Compare life insurance quotes today to find the right policy for you and your family.
Life insurance can be tricky to understand, get answers to your life insurance questions here.
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