NEEDS ANALYSIS
There are many reasons people take out insurance within super and when the benefit of having an insurance safety net far outweighs the associated cost.
However, as you get older and your circumstances and needs for insurance change, the impact of this cost on your super balance may no longer be beneficial.
Regularly conducting an insurance needs analysis is advisable to determine how much insurance coverage you require based on your current financial obligations and goals.
On review, you may find you are over-insured and paying for cover you no longer need. It is also possible you might be under-insured. It all depends on your unique circumstances.
Are you paying for insurance you may no longer need?
CONSIDERATIONS
Be aware that insurance premiums become more expensive the older you get, especially after age 50, as insurance companies categorise this demographic as high-risk.
If you never make a claim, insurance is a cost with no tangible benefit, and statistically speaking, only a small percentage of people ever make a claim.
It is not advisable to cancel any existing insurance without first taking the appropriate steps to assess your physical and financial health.
How much is your insurance costing you?
HELP IS AVAILABLE
Your employer has engaged SuperWiser to offer services to help you better manage your finances, super and related insurances.
Call 1800 467 467 to book your appointment.
This document was prepared and issued by Super Simpler Pty Ltd (ABN 74 150 240 421) a privately-owned company operating as a Corporate Authorised Representative (CAR No. 468 201) of AXIS Financial Group Pty Ltd (ABN 21 092 889 579, AFSL 233 680). The information contained within it is not advice. It provides general information only and does not take into account your individual objectives, financial situation or needs. You should assess whether the information is appropriate for you and consider talking with your financial adviser before making an investment decision. Information in this publication, which is taken from sources other than Super Simpler, is believed to be accurate. However, subject to any contrary provision in any applicable law, neither Super Simpler, nor its employees and directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it.