WHY DO I NEED IT?"
More than four-fifths of Australians insure their car, but less than a third of us insure the source and support of our lifestyles – our income.
At a glance:
HOW MUCH IS ENOUGH?
There are many factors affecting the level of cover you need and there are some questions you will need to answer:
TYPES OF INSURANCE IN SUPER
There are three types of insurance typically offered through your super:
At a glance:
Death cover, also known as life insurance, pays a lump sum to your beneficiaries if you die or, depending on the super arrangement, become terminally ill.
It can help meet the costs of your mortgage, debts, funeral costs and provide dependants with a lump sum.
TOTAL AND PERMANENT DISABILITY (TPD) COVER
TPD insurance provides a lump sum to help cover your living expenses and rehabilitation costs if you become totally and permanently disabled. This is only available if you also take death cover.
You can only access a TPD insured benefit if you can satisfy the permanent incapacity condition of release. If not, the benefit will be invested into your super account until it can be paid to you.
TEMPORARY SALARY CONTINUANCE (TSC) COVER
Also known as income protection, this cover provides a monthly income of up to 75% of your salary if you suffer an illness or injury and become unable to attend to your normal duties.
TSC insurance held inside super may provide cover for either a two year benefit period or up to age 65.
WHAT YOU NEED TO KNOW
There are some important tax issues you need to be aware of when deciding between taking insurance inside or outside of super, as it will impact your premiums and the benefit
Establishing a solid Business Insurance strategy helps you to maintain control over your business equity and financial stability.
Mint Financial Solutions will create a personalised insurance package to identify risks and threats to the equity in your business (such as the death or disablement of a business partner), and insure your business against the consequences of not being able to work in or manage the business, or death.
The Finance Brokers Association of Australia (FBAA) is a national association representing finance and mortgage loan writers throughout Australia.
AMP Accredited Financial Planners have been helping Australians by delivering the right balance of security and performance for over 160 years.
The Tax Practitioners Board provides an overview of our continuing professional education requirements for tax agents, BAS agents and tax (financial) advisers
AFG is now one of the largest providers of mortgage broking services in the country, offering more than 1,400 financial products from Australia’s leading lenders.
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