How old were you when your superannuation account was first opened? It wouldn’t be surprising if you didn’t know the answer to this. When we first are signed up to superannuation, unless you already had a provider – your employer would have opened this on your behalf with the same provider they use as a business. It may have been at your first job in your teens, when you probably didn’t look too much into insurance in superannuation.
As you get older, you may become more aware of superannuation and the benefits it provides, however, you still may not be aware that there are often hidden insurances in superannuation policies. These policies can provide financial protection in the event of a total and permanent disability (TPD), death, or a temporary disability that leaves you unable to work for a period of time.
Below we will outline the three main types of insurance coverage that are often included in superannuation, so you can check in with your provider:
Total and Permanent Disability (TPD) Insurance in Super
TPD insurance provides financial support if you become permanently disabled and are unable to work. This can include disabilities that result from accidents or illnesses. TPD insurance can help cover the costs of medical bills, rehabilitation, and other expenses that may arise from your disability. It’s important to note that not all superannuation policies include TPD insurance, so it’s important to review your policy details.
Life Insurance in Superannuation
Life insurance provides financial support to your loved ones in the event of your death. This can include a lump sum payment or regular payments that can help cover the costs of funeral expenses, outstanding debts, and ongoing living expenses. Again, it’s important to review your policy details to understand what type of life insurance coverage you have.
Income Protection Insurance in Superannuation
Income protection insurance provides financial support if you’re unable to work due to a temporary disability, such as an injury or illness. This can include payments that cover a portion of your salary or wages, and can help you cover your living expenses while you recover.
It’s important to understand that not all superannuation policies include these types of insurance coverage. If you’re unsure about what type of insurance coverage you have as part of your superannuation, it’s important to review your policy details or contact your superannuation provider for more information.
Understanding the types of insurance coverage that are included in your superannuation is important for ensuring that you have the financial support you need in the event of a disability or death. If you’re unsure about what type of insurance coverage you have, it’s important to review your policy details or contact your superannuation provider for more information.
At Super Claims Assist, we specialise in helping Australians make successful TPD claims. Our team of experts can review your superannuation policy and determine whether you have TPD coverage, as well as any other insurance coverage that may be included. We can also guide you through the claims process, ensuring that you receive the financial support you need during this difficult time.