The insurance wrapped up in your superannuation fund needs to be taken into account when you consider how happy you are with your current super fund.
Before you switch super funds, ask yourself three questions;
- What life insurance do I have with my current super fund, if any?
- What policy does the new super fund offer and do I want it?
- How much is the insurance premium and what is covered?
For example, MySuper products include automatic Life and Total and Permanent Disability (TPD) insurance. If you don’t want this insurance through MySuper you will need to contact the super fund and opt-out of it.
Other super products have no automatic life insurance cover and you will need to contact the super fund to add insurance to your account if you want to be covered.
To ensure you are happy with the level of cover you receive, and premium costs you pay, it is always worthwhile checking out the Super Fund Product Disclosure Statement (PDS) related to your insurance.
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General advice disclaimer
This is general information only and does not take into account your personal objectives, financial situation or needs. You should assess whether the information is appropriate for you having regard to your objectives, financial situation and needs and consider obtaining independent professional advice before making an investment decision. If information relates to a specific financial product you should obtain a copy of the product disclosure statement for that product and consider that statement before make a decision whether to acquire the product.