- premiums may be cheaper
- default insurance inside super usually does not require medical checks to get automatic cover – although there can be limitations at claim time
- advised insurance in super may require underwriting and medical checks above certain thresholds, but is more tailored to your needs than default insurance
- can help you stay covered during periods of low cash flow
When it comes to choosing whether to hold personal insurance inside or outside super, both options have pros and cons. Which one is right for you?
Benefits of each
Insurance inside super
Insurance outside super
- can offer more cover options
- policies are typically more flexible and customisable
- can offer higher levels of cover
- premiums don’t eat away at your final super balance
- not governed by the Superannuation Industry Supervision (SIS) Act which imposes certain conditions of release to pay out funds depending on the type of cover
Types of Insurance
Level of Insurance
Do you need a medical check-up?
Tailoring the cover for you
The way forward?
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