Money & Banking
This new super strategy could help you save big on life insurance
Not long ago, a CSIRO study found that most retirees live frugally and die with large super balances. In fact, it’s been said that over 50% of Australians will be dead by the time they’re able to access their super. This is a far cry from the ideal retirement lifestyle many of us dream of for ourselves, full of joy, travel and financial freedom.
With the skyrocketing costs of various bills, insurances and the general cost of living, it’s no surprise older Aussies are feeling the pinch. So what can we do about it?
Remember, you should consider all benefits and risks associated with any life insurance or superannuation product.
Here’s how you do it:
Step 1: Select your current age below.
Step 2: Once you answer a few questions, you will have the opportunity to compare quotes from up to 9 of Australia’s largest insurers. You may also be entitled to a free consultation.
On average, 11% of Australians will die or be unable to work due to illness, injury or disability before retirement age. Yet not everyone feels prepared for this possibility, and most families suffer financially as a result.
Australians who are currently struggling to fit life insurance into their budget may be able to benefit by integrating a policy into their super fund. It’s a strategy that allows you to have more buck in the bank for your lifestyle, but also have the peace of mind that your super is looking after both your future and your family.
Forget about sacrificing quality of life in retirement! This strategy has the potential to provide consumers with peace of mind without impacting their everyday costs of living. But always remember to consult with a financial adviser or representative before making an important decision pertaining to your super.
It works simply like this: life insurance premiums are taken directly from the superannuation balance, instead of one of your personal accounts.
This means that cover may be affordable even to those on a tight household budget, ensuring more Australians and their families can get protected. An additional benefit is that because this process is automatic, consumers don’t need to worry about remembering to pay their premiums on time.
This is particularly useful for those whose financial incomes drastically change month to month, such as freelancers, contractors, casual workers or other groups.
As part of the life insurance packages available via super, consumers can usually get Death Cover, Total and Permanent Disability (TPD), Income Protection and sometimes even an extra funeral benefit. Critical Illness and Trauma insurance, however, is usually not available through superannuation. Always check with your provider to see what benefits are available to you.
Bundling insurances in a superannuation account may be the perfect way you can balance your lifestyle and your family protection in one easy financial system.
See what you can do within your super today.
Get started now:
Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.
LifeInsuranceComparison.com.au's online quote comparison tool makes it easy to get quotes from 10 Australia's biggest life insurers
The information contained on this webpage is of general advice only and has been prepared without taking into consideration your objectives, needs and financial situation. As such, it is important that you consider the appropriateness of this advice before proceeding. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Advizer Pty Ltd.