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So I just changed jobs so need to change my superannuation fund since at my new workplace I don't have a choice of which super fund I go with. So I have been looking at my insurance cover within my current (old) superannuation in comparison to the new one.

Has raised a few questions in regards to my level of insurance cover and what I really need, and I have a few questions...

Do most people have insurance cover through their super?
Is it better? or cheaper to just go directly through a insurance company rather then through your super?
The different levels and types of cover seem to be very confusing to say the least when you try to compare one super fund to another, is there a website or something that can help me run some comparisons?

Do you have insurance cover?

Death - normally lump sum payment to spouse, pretty straight forward.
TPD & IP - seems these can be linked or mixed up in a few different ways to make it confusing for the average punter.

Any general comments appreciated.

edit on a side note, spoke to new super fund in regards to insurance and they were saying I should have insurance cover for funeral expenses and all sort of stuff I just cant see the point in that.
 

skc

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So I just changed jobs so need to change my superannuation fund since at my new workplace I don't have a choice of which super fund I go with. So I have been looking at my insurance cover within my current (old) superannuation in comparison to the new one.

Has raised a few questions in regards to my level of insurance cover and what I really need, and I have a few questions...

Do most people have insurance cover through their super?
Is it better? or cheaper to just go directly through a insurance company rather then through your super?
The different levels and types of cover seem to be very confusing to say the least when you try to compare one super fund to another, is there a website or something that can help me run some comparisons?

Do you have insurance cover?

Death - normally lump sum payment to spouse, pretty straight forward.
TPD & IP - seems these can be linked or mixed up in a few different ways to make it confusing for the average punter.

Any general comments appreciated.

edit on a side note, spoke to new super fund in regards to insurance and they were saying I should have insurance cover for funeral expenses and all sort of stuff I just cant see the point in that.

Here are some websites for comparison.

Canstar, iselect, comparethemarket

Remember... don't trust everything an insurance agent tell you about insurance. They want to sell you their product. Also, income protection is most usually tax deductible so your outlay is a bit lower on an after tax basis.

Funeral insurance is a waste of time imho... unless you have a high chance of dying in the next 5 years, you'd better off saving the premiums in a high interst account.
 
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Depends on your personal circumstances. I'm single so don't see the point of death insurance.

TPD can be of benefit, but rather unlikely you'd never be able to work again.

If you're young then IP is something to seriously consider. Your ability to work and earn an income is your greatest asset. If you're over 40 then maybe time to think of trauma cover.

I've got IP to age 65 with 100K of trauma. I'm mortgage free and no debt so feel reasonably safe that if I was badly injured that would tied me over till retirement.
 
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