Review your insurance
Insurance is your back-up plan for when the unexpected happens.
As you get closer to retirement, your needs change. Death cover might be a valuable part of your retirement plan now, but your income protection insurance might be less essential. Understanding your changing needs is an important step to help you decide whether your existing insurance cover is right for you.
When to review your insurance
Life doesn’t stay the same. Weigh up your insurance cover needs by considering these three things.
You may have taken out additional cover when you got married, when the kids started school or for your new business. Do you still need it?
Calculate your debt
Have your financial obligations changed. Do you have debt you’d need covered if you stopped working.
Your health needs evolve as your get older. Does your insurance cover still meet your personal circumstances.
Reviewing your insurance needs will give you the confidence of knowing you’re paying for cover that’s right for you.
CareSuper’s insurance options
CareSuper offers three types of insurance cover to protect you and your loved ones if something hits you out of the blue.
Death insurance (otherwise known as life insurance) provides a lump sum payment to your beneficiaries in the event of your death or terminal illness. It can provide financial support to your loved ones when they need it most and can help with costs like a mortgage or to cover future expenses.
Total and permanent disablement (TPD) insurance provides a lump sum payment if you’re never able to work again due to injury or illness. This payment could be used to cover medical bills and to ensure the overall security of your family and your home.
Income protection insurance
If you need to take extended time off work to recover from an injury or illness, income protection insurance can help pay the bills. Where eligible, you can be paid a benefit of up to 87% of your monthly pre-disability income. This includes 12% super payments.
^The opinions expressed are those of the member and do not necessarily reflect CareSuper's policies or opinions
Tailoring your insurance
You can make changes to your insurance cover to suit your personal circumstances. All applications to change occupational category or increase, fix or add cover will need to be assessed and approved by our insurer (MetLife), and medical evidence may be required. You’ll find all the details in your Insurance Guide.
Give us a call on 1300 360 149 if you need help changing your cover.
Deciding how much cover you need
Not sure what insurance is right for you? You can chat to one of our financial planners over the phone at no extra cost.* Give us a call on 1300 360 149 to set up an appointment or click on the link below.
Discover why around 220,000 members choose CareSuper^
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.