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Automatic Insurance within your Superannuation - Is it right for you?

Updated: May 6


As my video explains, the standard insurance coverage levels offered by super funds are almost never enough for people; they are provided as a bare minimum by the super fund, and they are not tailored for your individual needs!


As you can see in this example, the three biggest super funds offer on average only $207,000 of life insurance for a 40 year old.


Many 40 year old's earn this in a single year! Then add in child costs, large mortgages and other financial commitments and it is easy to see why you need a lot more life insurance.


Policies within super funds are also often much lower quality than those you can obtain directly through an insurer. Remember though, you can still get quality insurance via an insurer and pay for it from your superannuation account. It is easy to have a different super and insurance provider.


At Source Wealth, our insurance service helps you in 4 main areas:


  • We calculate how much Life Insurance, Total & Permanent Disability, Income Protection and Trauma insurance that you need based on your individual variables such as age, income level, mortgage size and number of children.

 

  • We analyse the cost and quality of your current insurer against a range of insurers to find you the best product.

 

  • If you have any pre-existing health conditions, we can source the best insurer and structure for you

 

  • If you ever need to make a claim, we will support you through the process and act as your representative in processing the claim with the insurer.  


Through this four step approach, we can provide peace of mind that you have the right amount of cover whilst also typically saving you money and/or providing you with a better quality policy.


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