The value of insurance

Ever wonder how your family would cope if the unthinkable was to happen? How would you keep your independence, or protect your family if you weren’t able to work?
July 14 |  2 min read

Hopefully nothing bad does happen, but unfortunately, some lives are interrupted by an accident, illness or premature death, so why not put yourself in a position where you can control your financial situation and help you and your family in difficult times?

While we often prioritise travel insurance or home and contents insurance, why don’t we cover ourselves in the same way? The average Australian family is only covered for 47% of its basic needs or 28% of the amount they would need to maintain their existing standard of living1.

Superannuation and insurance

Approximately 80% of Australians have some form of default life insurance through their super according to ASIC2, and with Vision Super you could be eligible for the following types of cover:

  • Life cover, which is also known as ‘death cover’. It pays a set amount of money when the insured person passes away.
  • Total and permanent disability (TPD) cover. A lump-sum amount of money paid to you when you’re unable to work again; and,
  • Income protection (IP), also known as ‘temporary disability’ and ‘salary continuance cover’, which replaces the income lost through a temporary inability to work due to injury or sickness.

 

Cover through your super means you’re able to enjoy a group policy which could potentially be cheaper than sourcing insurance yourself, and the money comes out of your super balance so it’s easier to pay.

While it can be hard to protect yourself from illness and injury, the right life insurance can make sure that you are always financially safe and give you peace of mind. If you’re not sure what you need, check out our calculators or call our Member Services team on 1300 300 820 Monday to Friday 8:30 to 5pm.

To find out more about our insurance, including terms and conditions, refer to the relevant Insurance Guide available under Product Disclosure Statements.

 


1 https://www.canstar.com.au/life-insurance/underinsurance-australia/
2 Insurance in Superannuation 2019–20: Industry implementation of the Voluntary Code of Practice, ASIC, December 2019 https://download.asic.gov.au/media/5411791/rep-646-published-13-december-2019.pdf

July 14 |  2 min read

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