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TPD and superannuation
Lots of people already have some insurance through their super as part of their employment arrangement. And many people also look to their super fund for life insurance and total and permanent disablement insurance . This is because:
- premiums are usually cheaper because the fund can negotiate a lower rate
- it’s tax-effective as premiums are paid out of your super contributions or are from pre-tax dollars.
Even though these can be good reasons to place your life and total and permanent disablement cover within your superannuation fund, there are things you should be aware of.
Often these funds don't automatically provide enough cover and there are additional rules and restrictions when making a claim.
It's important to speak to a financial adviser about your situation and needs before you take out any type of cover. A financial adviser can set up your insurance in an appropriate way for you.
To find out more about total and permanent disablement insurance:
This is general advice and has been prepared without taking account of your objectives, financial situation or needs. Therefore, in deciding whether to acquire or continue to hold this financial product, you should consider the appropriateness of the advice by having regard to your own personal objectives, financial situation and needs. Please consider the Product Disclosure Statement (PDS). Contact us for a copy.