Insurance is a personal matter, but do you have enough, and do you know if you have insurance through your super?
Members of Vision Super automatically receive death cover and total permanent disability (TPD) and income protection cover. Exactly how much cover is subject to the eligibility rules. If you are a Vision Super member you can check out how much cover you have online.
Having insurance with your super fund can be cheaper, than cover outside of super, because super funds purchase insurance policies in bulk. Other advantages of taking out insurance through your super fund is that it gives you greater freedom to choose the type and amount of cover you want, and premiums come straight from your super account, and not your pay check which can make it easier to manage.
Why do I need insurance?
Insurance provides peace of mind knowing that you and your family are protected during times of unexpected difficulties and hardship.
How much insurance do I need?
Australia is one of the most underinsured developed countries. The amount of insurance you need depends on your assets and commitments. You can use our insurance calculator to find out how much cover you need and to see how adding or changing your cover will affect your premiums.
When should I update my cover?
It’s best to update your cover after key-life events such as getting married, becoming a parent or taking out a loan for a house or business. It’s also important to make sure you update your super fund with essential information like changes to salary and employment because this may mean you could be entitled to additional cover.
More information on Vision Super’s insurance offering can be found here, or you can call us on 1300 300 820 Monday to Friday 8:30am to 5:00pm. If you like what you see, you can easily become a member of an award winning, sustainable superannuation fund. Become a member today.
General Advice Warning
This article includes general information and does not contain any personal advice. It is provided for general information only, to help you understand Vision Super’s products, services, policies and procedures. The information was correct at the time of publication, but may have changed since. It does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you and your personal circumstances before acting on it and, if necessary, you should seek professional financial advice. Before making a decision to invest in any Vision Super product, you should read the appropriate Vision Super Product Disclosure Statement (PDS). Past performance is not an indication of future performance.
Vision Super Pty Ltd ABN 50 082 924 561, AFSL 225054 RSE Licence L000239 is the Trustee of the Local Authorities Superannuation Fund ABN 24 496 637 884. Level 15, 360 Collins Street, Melbourne VIC 3000. PO Box 18041, Collin Street East VIC 8003.