So why get insurance through super?
The main advantages of having insurance through your super include:
- Premiums are generally cheaper than buying insurance privately, as super funds use group life cover – this allows them to purchase insurance at cheaper bulk rates.
- Premiums are usually taken straight from your super account, so it doesn’t come out of your take-home pay, without the hassle of having to pay a regular bill.
- In some cases, your employer may pay the premiums for you.
- Automatic, or ‘default’ cover for eligible members, usually doesn’t require a health check or completion of lengthy forms.
- Some funds claim a tax deduction on the costs they deduct from your account to pay for your insurance cover. For example at Equip Super, we pass this benefit back to you directly by reducing the amount of tax that’s deducted from your account. This means you’re essentially receiving a 15% refund of the cost of your cover.