Description
This article gives an adviser’s perspective on insurance in super. Using case studies, this adviser explains how drastically different the outcome from a life-changing event can be depending on how appropriately insured a person is. Written in the adviser's voice.
Introduction
You have insurance cover in your superannuation right? You probably think you’re adequately covered, yet if something were to happen to you, you might be in for an unpleasant surprise – and by then it might be too late.
I met a new client recently who was in quite a state of distress. Maryanne is 38 and a stay-at-home mum with three children all under the age of 10. She explained that her husband, Simon, had been killed in a car accident.
Simon had done the right thing by his wife and kids – he’d taken out life insurance through his superannuation.
Unfortunately however, Simon had not sought professional advice. He’d guesstimated how much cover he might need with the result that the insurance payout wasn’t nearly adequate. Of course Maryanne received Simon’s superannuation as well, but as he was only 40, the accumulated value was not substantial.
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