Are You Worried About Having Adequate Life Insurance Protection

Life insurance inside or outside of superannuation

Do you feel complacent about life insurance (also known as death cover) because you feel that your superannuation covers your life insurance needs? It’s true, most superannuation funds will pay benefits if you die, but there are limitations to this cover you should know about.

“Don’t assume your super will take care of all your life insurance needs. There are many restrictions, as well as benefits” said Amien Sym, a moneyQuest insurance adviser.

Inadequate life insurance protection

Recent research by the Financial Services Association states that 95 per cent of Australian families do not have adequate life insurance.

It seems the need for long-term, comprehensive life insurance has never been more important.

Dangers of underinsurance

According to ABS (Australian Bureau of Statistics) more than three in four Australians will be diagnosed with a serious illness in their working life. Some of us might rely on insurance payouts or savings to get thru a difficult time, but many others may have to rely on government welfare or handouts. The reality of facing a financial hardship may have devastating consequence for you and your family. Financial strain has far reaching consequences, not just for you and your family but for many generations to come.

“Having adequate life insurance is really just about protecting your lifestyle,” added Sym.   

Need more help?

Taking out any type of life insurance should give you a tremendous sense of relief but the key to having adequate life insurance is really about having comprehensive life insurance. Yes, superannuation provides a well-priced solution for some but limitations on some super based policies can lead to financial ruin.

As with any major financial commitment, it’s best to consider your individual situation and seek professional advice. Even the most experienced insurance experts must spend time understanding your individual situation and considering all the different insurance products available before making a recommendation.

To compare life insurance plans or to make a no obligation appointment with a professional insurance consultant, please visit the ratesonline.com.au website.

General advice warning

This information (including taxation) is general in nature and does not consider your individual circumstances or needs.  Do not act until you seek professional advice and consider a Product Disclosure Statement.

moneyQuest Insurance Services Pty Ltd is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 AFSL 244252