New superannuation changes came into effect this year, so it’s important that you now check your superannuation accounts to ensure you have adequate insurance cover.
It is now compulsory for superannuation funds to provide insurance cover for those who are unable to work again as part of the new MySuper scheme.
MySuper is the new super account that most funds will offer as the default option.
In my experience, I've found that most people do not have adequate insurance to cover them in the event they can no longer work.
Insurance is the forgotten part of superannuation. A lot of people do not know they are able to access insurance through their super funds if they have to permanently give up work for some reason. For that reason many people are not adequately covered.
Research commission by Slater & Gordon in 2012 found only 47 per cent of Australia had heard of the types of insurance provided through superannuation funds.
Under the MySuper scheme, employees will be offered minimum levels of insurance cover on an opt-out basis.
Now is a very good time to review the insurance offered through your super fund and to ask yourself whether you have enough insurance to cover your debts if you are unable to work again. If you are unsure of what cover you have, make sure you contact your super fund.
Having the right amount of insurance provides peace of mind and, in the event you need to use it, can protect you and your family from financial hardship.
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