Frequently Asked Questions

What is ‘insurance through super’?

Insurance through super offers you another option to pay for your life insurance premiums.  With this payment structure, your premiums are automatically deducted from your super fund, as long as you have enough funds available.

Why is insurance through super beneficial?

Depending on your situation, there are some key features of cover held through super, which may suit your situation:

  • The insurance through super premiums are usually paid annually and are automatically deducted from your super contributions (rather than your net income) or rolled over from an existing superannuation account.
  • You may find it more convenient to pay your premiums from your super fund, as it may have cash flow benefits for your current household situation.
  • There are tax rebates available for cover held through super, but it is best to visit the ATO website or speak to your accountant for more information.

What does insurance through super cover?

These laws affect the types of cover that can be paid for using a super fund and how the claims benefit is paid.

The cover held through a super fund has certain conditions on when benefits can be paid out or released from the fund.  Funds are usually only released in the instance of death and permanent or temporary incapacity.

This means that trauma cover is not available through a super fund. Life, income protection and total & permanently disability can be purchased through a super fund.

The laws may also affect the benefits and features available through a policy, so it’s important to read the product disclosure statement (PDS) to understand what you’ll be covered for. In the PDS, you can check what cover you get and what you’re covered for through the insurer of the super fund. 

Does Lifebroker offer insurance through super? 

Yes. Weighing up life insurance options can be time-consuming and confusing. That’s why Lifebroker helps you to compare the different kinds of insurance types, including life insurance through super. For more information, get in touch to speak with our team of specialists. We’ll chat with you about the types of cover and how they compare.

Want to learn more?

Just call us on 13 54 33, we’re here for you.

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