Super or non-super. Now it is easier to decide.
With changes in the law, you can only hold Trauma outside of super. With Life, TPD and IP, you now have the choice of having it in Super, outside of Super or holding the policy both in & out of Super at the same time.
Compare insurance companies with ease
At Find Insurance, we have made it easy for you to compare and acquire insurances with some of the largest and most established companies in Australia.
Currently, most Australians hold insurance inside of super. This is because industry funds have to provide a certain level of insurance cover when a new member joins their fund. Unfortunately, this makes people feel as though they have adequate insurance cover in place when in fact they do not. It is a false sense of security and when they get to claim time they realise that what they had was inadequate. Even so, we consider unitised cover (the automatic cover you get in an industry fund) as a good amount of insurance but it is not better or the best you can have. In fact, it is only as good as the price you pay for it...not much really!
The BEST way to hold insurance is in your own name?
If you wish to have the Best insurance you would not have any insurance held in super at all with all of the policies held in your own name.
So, why don't people do this? One reason only - affordability. Most people have mortgage repayments and other bills. They believe they cannot afford to have all the insurance held outside of super. It is a balance between what you need and what you can afford. We call this the difference between 'the ideal' (what the industry says you should have) and the 'real' (what you can afford). We jokingly say that the two shall never meet.
If money is an issue then consider in & out of Super
If you cannot afford the BEST type of cover then consider a compromise between affordability and the BEST - go for Better. A better way of holding super, rather than simply having unitised cover in an industry fund, is to have the following:
1. TPD - have one policy but held both in and out of super. The part that is held outside has 'Own' occupation TPD and the part that is held in super has 'Any' occupation TPD. The Better part of this is that up to 95% premiums are paid from super and you can access to 'Own' occupation definition. Where possible we will supply TPD quotes with this type of set up - in & out of super unless you instruct us otherwise when requesting a quote.
2. IP - have on policy held both in and out of super. If the IP is not paid based on 'any' with in super then they will look to pay based on 'own' outside of super. Again, up to 95% premiums are paid from super. Where possible we will supply IP quotes with this type of set up - in & out of super unless you instruct us otherwise when requesting a quote.
3. Trauma can only now be held outside of super. We will supply quotes with Trauma held outside of super with you as the policy owner.
4. Life can be held in or outside of super. We will supply quotes with Life held in super.
If you would like to work out how much Insurance cover you might require then click on the 'Calculate Insurance' button. Alternatively, if you would like to request a quote then select the 'Start Here' Button at the top of the page and proceed to 'Request a Quote'.