Insurance fit for you
Imagine if you passed away, fell ill, or were injured—how would you or your family pay the bills? While the future is uncertain, an essential step you can take is ensuring you have the right insurance.
You may not know this, but you could have some insurance included in your super. If you're unsure about your current cover, or if your life has undergone significant changes, then take these two steps to make sure it’s right for you.
Step 1: go to MemberOnline to see where you stand right now.
Step 2: tailor your insurance cover to suit your lifestyle.
Insurance things you need to know
Death insurance cover
Death insurance pays a benefit to your loved ones if you pass away. It could be used to pay off your mortgage, cover school fees, clear debts, pay for your funeral, or provide for your family’s ongoing living costs.
How much will you need? Try MoneySmart’s Life insurance needs calculator to calculate how much death insurance might be right for you.
TPD insurance
Total and Permanent Disablement (TPD) insurance covers you if you suffer an illness or injury which permanently prevents you from working.
It could help pay for your ongoing living expenses, medical costs, and any home modifications you might need. And finally, it can also make a payment to your super so you have money for later in life.
When deciding how much you need, consider any other relevant insurance you already have (health insurance, trauma cover etc), savings you could draw down on, or financial support from loved ones.
Income protection insurance
Income protection insurance covers you if an illness or injury means you can’t work for a period of time.
It’s valuable cover if you don’t have emergency savings to pay your ongoing bills, or if you’re self-employed.
It’s not usually included automatically in your super, so you’ll have to apply for this cover if you decide it’s right for you.
Discover the ins and outs of income protection insurance.
Life happens! So, when should you revisit your insurance?
When you experience a life change like having a baby or adopting a child, getting married, divorced, or buying a home, you should revisit your insurance to make sure your cover’s still right for you. Luckily, through your CareSuper membership you have access to Life events insurance cover. This means if you experience a milestone event you can increase your cover without providing medical evidence.
On the flip side, perhaps your kids have flown the nest, your house is paid off, and you’re sitting pretty. This might mean you may not need as much insurance, and the money you’re paying in fees could instead be building a bigger super balance.
How to tailor your insurance cover
Work out how much insurance cover you have already – both inside and outside of super - versus how much you need. Our Insurance calculator can help you understand the estimated cost of your ideal cover type and amount, based on your personal details.
You’re never alone when it comes to your insurance in super. Give us a buzz if you’d like to discuss your insurance needs.*
Then apply for new or updated insurance through MemberOnline, or by completing the insurance application form. Your application will be assessed and will be subject to our insurer’s approval.
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
Information correct as at 7 August 2024.