The insurance you might have without knowing
Life insurance is a crucial safety net for many Australians, with around half of us holding some form of policy, often through our superannuation.
Super funds typically offer basic life insurance once your balance exceeds $6,000 and you’re over 25, including total and permanent disability (TPD) and income protection cover.
But is this enough?
Dawn Thomas, Senior Financial Adviser at The Wealth Designers, was recently asked to share her insights on this with Dominc Powell, Money Editor at The Sydney Morning Herald.
When Should You Consider Additional Life Insurance?
While super’s default cover may be adequate for some, there are situations where additional policies make sense, especially if you have dependents or significant financial obligations.
Dawn explains, “Life insurance isn’t about you—it’s about providing for those you leave behind, ensuring they don’t face financial hardship.”
Reviewing Your Cover
It’s important to review your cover as your circumstances change. Dawn advises that you need to consider your current debts, income, and dependants when deciding if more cover is necessary.
For personalised advice, get in touch with our financial advice team so we can help ensure you’re fully protected.
Read the full article here: https://www.smh.com.au/money/saving/for-real-life-the-insurance-you-might-have-without-knowing-20240801-p5jyf9.html