Protect your income
The lifestyle you create for your family is reliant on your income.
Make an informed decision to protect your most important asset – your ability to earn an income.
Impact on an underinsured family if tragedy strikes
Case Study: Cathy and Greg Johnson are in their 30’s, with two young children. The Johnsons own their home and have a mortgage. They also have typical levels of superannuation and life insurance. They have an expense budget of $1,224 per week after paying tax, childcare and the mortgage.
According to NATSEM* calculations, the family will have only $600 per week to live on if tragedy strikes in any of the following scenarios:
Scenario 1: Cathy is temporarily disabled or ill
Scenario 2: Cathy dies
Scenario 3: Greg is temporarily disabled or ill
* Lifewise/NATSEM Underinsurance Report, The National Centre for Social and Economic Modelling (NATSEM), University of Canberra, February 2010, IFSA/TNS Protection Gap research 2005
Insurance is affordable
Like the Johnsons, most Australians would struggle if the unexpected happened. Fortunately, insurance is not only crucial, but very affordable.
Example: A Vision Super member aged 35 applying for $500,000 of fixed death and disability insurance would have a monthly premium of approximately $38**. This equates to an expense of just over $1 a day.
**Please note, this example uses Death and Disability fixed cover rates current at December 2013.
You may already have insurance with your super
If you joined Vision Super through your employer and are eligible, you automatically receive certain levels of cover. Generally this includes 3 units of age-based Death & Disability cover and 75% of your annual salary, up to a salary of $80,000 p.a.