Another benefit of having life insurance within superannuation is that in some cases premiums may be cheaper, particularly where you join through an employer that may have access to group insurance rates (which will generally cover a larger group of members at a cheaper rate than that which would otherwise apply to an individual). Super funds provide automatic acceptance of Life and TPD insurance and often income protection insurance for their members. Members are automatically provided with a certain level of insurance without the need for medical checks.

Your Superannuation Fund

If you have your super statement in front of you, have a look at the current insurance that you have. Is it appropriate to your personal circumstances and sufficient to cover all of your needs and requirements if you were to die or become incapacitated?

If you are unsure, it may be worthwhile speaking to a financial adviser as they can assist you in determining appropriate types and levels of cover.