Multiple of income insurance cover

You can usually purchase life insurance directly or, in many cases, through your superannuation fund. Before taking cover inside superannuation you need to consider the taxation implications and any other issues in connection with accessing the money if a claim is made. This should be discussed with your insurance adviser.

If you're reviewing insurance inside superannuation, there may be different options and levels of automatic insurance cover available. Automatic insurance cover is where you are automatically accepted for a certain amount of cover without needing to provide detailed personal information or attend a medical examination.

Some superannuation funds use a multiple of your wage to provide you with a level of insurance cover. Others may provide a fixed amount based on your age.