Most of us who are employed will be members of at least one Super fund. Most Self-Employed people also have at least some Super. And most Super funds offer at least some Insurance protection for Death and often also for Total & Permanent Disability (TPD) of the member. Your fund may also offer Temporary Salary Continuance (TSC) cover.

Sadly, many fund members don’t take advantage of the Insurance benefits on offer from their funds, meaning that in the event of their death or disability they, and/or their loved ones may be significantly worse off financially than they might otherwise have been. Understanding what benefits are available and ensuring that you have what’s right for you is an important responsibility. It can be confusing and it’s easy to get it wrong. I commonly meet people who know that they have some insurance but have no idea how much they have nor how much it may be costing them. Nor are they sure what will happen to their benefit in their event that a claim is necessary.
In the event that you were to die or become disabled, what might your Super Fund pay out? To whom would it be paid? How much might the Taxman take? If you don’t know the answers to these questions then maybe you’d better find out. And perhaps you might seek advice from one who understands the issues which can be complicated. Your Financial Planner and your Solicitor will generally be good places to start. Then you can rest easy, knowing that you have your bases covered.

Peter Lake is an Authorised Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 (AMPFP), AFS Licence No. 232706. Any advice contained in this document is of a general nature only and does not constitute personal financial product advice. In preparing the advice no account was taken of the objectives, financial situation or needs of any particular person. Therefore, before making any decision, readers should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.