Super
31 October, 2024

When your life changes, make sure your insurance does too

You’re probably not the same person you were when you first received your insurance in your super. So, if you’ve had a milestone event, it’s a good idea to reassess your insurance needs to ensure you and your loved ones are protected financially.

What’s considered a milestone event? Let’s take a look

  • Taken on a mortgage to buy property, or paid off a mortgage
  • Upsized or downsized your home
  • Married
  • Had a baby or expanded your family
  • Gone through a separation or divorce
  • Started a business
  • Made redundant
  • Stopped supporting financially dependent children
  • Approaching retirement or you’ve already retired.

Once you’ve considered these milestone events you can decide if you need more insurance for better protection, a different type to cover certain circumstances, or maybe you don’t need as much anymore (so that more money stays invested in your super).

How to evaluate your insurance needs

Through your CareSuper account, you have access to death insurance (sometimes called ‘life insurance’), total and permanent disablement (TPD) insurance, and income protection insurance.

Here’s a couple of questions to ask yourself when deciding what, and how much, cover you might need.

  1. How much money would you have if you become unable to work? Consider your super balance, savings, other investments, any current cover you have.
  2. How much money would you need to provide for you and your loved ones if you become disabled, or you passed away? Consider your mortgage/rent requirements, any other debt, other large and necessary costs such as childcare, education and daily expenses.

Think you might need to change your cover? Here's 5 steps to help you get your insurance in shape

  1. Check if you have insurance cover through your super: Log in to Member Online to see how much cover you have, what type(s) you have, and how much it costs
  2. See if you have insurance elsewhere: For example, with another super fund (which you may be eligible to transfer to your CareSuper account), or directly with an insurer, an insurance broker or financial adviser
  3. Assess how much cover you have, how much you might need, and how much you can afford. You have access to our Insurance calculator to help you crunch the numbers
  4. Speak to an expert: Insurance is tricky! Speaking to a financial adviser can help you evaluate your insurance needs and help you change your cover. Simply book a call-back - you have access to financial advice about your insurance needs as part of your CareSuper membership.

You can apply or change your cover in Member Online (if eligible) or by completing the relevant form. You can also cancel your cover if you need to. For more info on insurance, check out your Insurance Guide.

 

Information correct as at 1 November 2024.