THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED RESEARCH SUPPORTS INSURANCE COVER INSIDE SUPERANNUATION
For most Australians, the only Life Insurance cover that they hold is through their Superannuation Fund. This insurance can help members & their families with the financial costs associated with disability & death during their working life.
Recent research has shown that almost half of those Australians with life insurance held within their Superannuation Fund believe that they probably would not be covered if it wasn’t provided automatically.
There are a number of benefits to holding insurance through your Superannuation Fund: –
Policies are bought in bulk with low costs which keeps the cost of insurance relatively low;
Lower premiums than comparable policies held outside of Superannuation;
Automatic acceptance of individuals with no health checks or declarations from those covered with standard cover;
Flexibility to tailor cover to suit individual needs;
Support services offered to members through occupational rehabilitation and return to work support has been extended.
Current research by The Association of Superannuation Funds of Australia Limited (ASFA) found that over a working life of 40
years – a fund member who holds Income Protection on average has a 25% chance of having a benefit paid to them in terms of a temporary disability or medical condition;
over 5% of fund members will claim a total & permanent disability benefit; and
5% of fund members will have an insurance policy death benefit paid to their beneficiary/beneficiaries/individual in the form of a terminal condition payment.
Please consider calling your Superannuation Fund & enquiring about insurance cover.
“The Experience of Individuals With Insurance Through Superannuation”
Ross Clare, Director of Research ASFA Research & Resource Centre
Contact The Intelligent Financial Group to help you maximise your insurance & superannuation benefits.