“I’m OK, I have insurance in my Super fund”
This is something really common that I hear from tradies. Most of you probably have a Super fund account with CBUS or something similar. It is great that these super funds provide some insurance inside super but I’m worried about 3 key areas:
1 – Is it enough super?
The amounts of insurance you have inside Super more often than not, reduce as you get older. This means that whilst you may have thought 5 yrs ago you had enough cover, today it would be significantly less.
Also, the amount you get is stock standard. Everyone has a different need for insurance and it depends on your mortgage, how many kids you have, your household income and expenses to name a few, so there is a big chance that you don’t have enough in your Super fund.
2 – Does it cover all the insurances that a tradie needs?
Insurance inside super funds usually only cover you for Life and total and permanent disability. What about your income? Or what happens if you have a heart attack and survive it? Often, only about half of illness and injury is covered inside Super.
3 – Who will help you at claim time?
This is a big issue. If something happened to you TODAY, and you had to make a claim, would you prefer to go through a call centre, answer a hundred questions, liaise with your doctor, send in documents and reports? OR would you prefer someone on your side helping you manage the claim?
The information provided in this article is of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information you should consider its appropriateness having regard to your own objectives, financial situation and needs.
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