If you have Life Insurance, Income Protection or Total and Permanent Disability Insurances held through your Super Fund... it doesn’t mean you are covered.
In the third of our “Super Challenge” series, we challenge you to check on your insurance cover. It may not be all it’s cracked up to be. Unfortunately, without checking most people only find out that their insurance is inadequate when they need it most – when they make a claim.
I strongly encourage you to take our “Super Insurance Challenge" which will help you to identify whether you have personal insurance cover that’s appropriate for your needs. It will only take a few minutes – perhaps the most important few minutes of your future.
When it comes to personal risk insurance held through Superannuation, (including Life Insurance, Income Protection Insurance or Total and Permanent Disability (TPD) Insurance), many people fail to understand the policies that they hold, which can increase the potential for disputes or rejected claims in the event that you need to claim.
If you want to know if you have adequate insurance cover through your Super Fund, our checklist highlights some traps that you need to look out for:
If you have answered ‘No’ or ‘Unsure’ to any of these questions, or you don’t know what IS or what’s NOT covered in your policy, I invite you to give me a call. Professional advice will help you to understand what level of cover is appropriate for your stage of life and financial position and the legal obligations for insurance associated with SMSFs.
When it comes to personal insurance, the devil really is in the detail. To find out more about insurance, I invite you to click here to read more on this important matter.
If you would like help to understand more about insurance cover within your Super Fund please contact us on (07) 3720 1299 or email admin@wealthfundamentals.com.au
*Matthew Lane and Chris Lane are Authorised Representatives with Lane Moses Pty Ltd. Lane Moses Pty Ltd, ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.
The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only - unless otherwise stated. Wealth Fundamentals strongly suggests that you should not act on it without first obtaining professional advice specific to your circumstances.
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