Changing course: how to steer your career in a new direction
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Some super funds automatically offer insurance cover to their members – while others let you choose if you would like to take out different types of insurance. Insurance premiums are deducted from your super balance, so you don’t need to worry about finding extra money in your weekly budget. But these regular deductions can impact your super balance, so it’s worth making sure your fund’s insurance is right for your own circumstances and needs.
Whether you automatically received cover when you joined your fund or have chosen to add insurance yourself, here are some things to look for when comparing your insurance.
Different super funds offer different types and levels of cover – with their own features, exclusions and costs. The types of cover available may include:
When comparing insurance cover, make sure you check:
Your statement will tell how much cover you have and what it costs, and you can check the Product Disclosure Statement to understand what you're covered for and whether it can be transferred.
Insurance terms and conditions can be detailed so make sure you pay particular attention to the section about exclusions, which tell you what you’re not covered for. For example, many super funds won’t provide insurance cover for pre-existing conditions, or after you reach their age limit – usually 65 or 70.
If you receive insurance cover through your employer’s super fund, the premium rates may be lower. However, if you change employers, take extended leave, or stop receiving employer super contributions, your cover may be terminated – leaving you without insurance protection.
Insurance can be complicated, and with so many options available it can be hard to know if you have the insurance that’s right for you. A financial adviser can help you find the best insurance solution for your needs and budget – so you know your loved ones will be taken care of.