There is a strong possibility that you could already have some form of insurance cover in place, and it is crucially important to find out what you may already have in this regard. Upon doing the necessary research, you may find that you already have the necessary cover – or you could even discover that you have too much cover for your particular situation. Below is some advice that will help ensure that you obtain or learn more about the cover that will be most suitable for you.
Speak to your Employer or HR Department
Quite a few companies have various forms of insurance in place for their staff members, which is usually by means of their super fund or an alternative standalone insurance scheme. It is becoming more and more popular for employers to offer some form of insurance benefits to their staff members. Owing to the fact that many of these insurance arrangements or policies have been uniquely designed for employees, you could find that you already have coverage in place for total and/or permanent disability, trauma insurance, income protection or even life insurance.
Look at your Super Fund
In most cases, Australians tend to have at least one super fund and according to current legislation, it is obligatory for super fund trustees to provide a minimum level of automatic insurance coverage for its members. Premiums for these policies will usually be deducted from you super contributions.
It is essential that you check your current super fund(s) to see whether you have any existing cover and if so, what it entails. In the event that there is coverage available, it’s important to remember that the automatic level of cover that is provided may not be exactly what you and your family are going to require. However, in many cases, it can be quite simple to adjust your level of cover to ensure that it will be more suitable for your financial needs.
If you happen to have multiple super funds that all provide life insurance benefits, it’s recommended that you find out about consolidating all of the funds into a single one. When doing this, be sure to check the funds overall investment performance, applicable fees and the type and level of insurance benefits available to you before making any drastic changes. If you suspect that you might have lost a super account somewhere along the line, you will be able to obtain assistance through the Australian Taxation Office.
Contact us at Find Life Insurance today to find out more about how you can ensure that you have sufficient insurance to cater for your needs.