Who can claim the life cover from superannuation?
Australians who’ve contributed to their super while working often have life cover (aka death benefit) available through their superannuation policy. It’s important to ensure that these benefits go the person you want to receive them.
Each super policy can be different, so it’s important to check the particulars of your specific policy.
Why should i nominate a beneficiary?
There a few potential roadblocks that may stop your preferred person from inheriting your super. In our blog article, we outline who can be eligible to receive your super benefits and how to make sure that they do!
How do I know if my super has death coverage?
If you have a copy of your super policy, you can look through it to find details about life coverage and death benefits. It can also be listed as a term life insurance policy. It’s also possible to buy life insurance directly with an insurance company outside of your superannuation.
Why don’t my beneficiaries receive the life cover money automatically?
There’s a process that needs to be followed by a spouse or beneficiary to claim the life cover. When going through these steps it’s worth checking if there was any unclaimed superannuation insurance that should have been paid out such as income protection. It’s also important to make sure that all active super policies are reviewed for insurance.
If a person has multiple super policies active, it’s possible that multiple death benefits can be claimed.
Are there other superannuation claims I should know about?
Aside from death benefit coverage, it’s important to know about total and permanent disablement insurance, income protection and terminal illness that are available through superannuation claims. Unclaimed insurance benefits such as income protection can also be inherited as long as the claim is successful.