Super insurance cover — Setch Group

• What can super insurance include?

Super insurance cover can include life insurance, total and permanent disability (or TPD) and income protection, depending on the decisions you make when evaluating super insurance cover. Superannuation insurance cannot cover trauma insurance, so it’s important to speak with an expert about whether insurance should or should not be held within your super.

• Life Insurance

Life insurance is commonly held as superannuation insurance, and it covers the insured on death. However, in certain circumstances, a super insurance claim for super insurance benefits may be paid on the diagnosis of a terminal illness. Our super insurance advice helps you understand the terms of your policy and the role of the superannuation trustee (super trustee).

• Total and Permanent Disability

Total and permanent disability (often referred to as TPD insurance or TPD risk cover) conditionally covers the insured for a total and permanent disability (TPD super insurance claim or TPD super insurance benefits), such as due to injury or illness. This cover is often linked to life insurance. When considering super insurance cover and making a super insurance claim, the policies will typically both be considered.

Super insurance that includes income protection needs to be carefully evaluated, including in conjunction with any total and permanent disability super insurance cover (TPD) that you might instigate.

• Income Protection

Income Protection is a type of risk cover insurance that conditionally replaces part of your income if you are unable to work due to illness or injury. Sometimes, insurance benefits can only be claimed for a limited period. Typically, there are also waiting periods before a super insurance claim can be made for income protection.

Is super insurance worth it?

Whether superannuation insurance is worth it for you will depend on your personal circumstances and various financial trade-offs, but many of our clients opt for superannuation insurance because of the cash flow and budgeting benefits.

As part of our superannuation insurance advice, we help you make those decisions and trade-offs, as well as explaining what does super insurance cover and implementing super insurance cover based on our financial advice and your decisions.

It’s also worth noting that life insurance through super has implications for your family in the event of a super insurance claim, including taxation and the manner in which they receive the superannuation insurance benefits. This can typically include a beneficiary directly, through your estate or a particular account within superannuation. It’s important to understand the different scenarios through professional financial advice to ensure the super insurance cover operates the way you want, and the super insurance is optimised for your personal situation.

How Setch Group can help you access the right super insurance cover for your needs

Setch Group simplifies superannuation insurance to ensure clients feel empowered to make informed decisions regarding their retirement.

• Strategic risk management

Our super insurance advice is designed to help our clients decide what types of risk cover they want to consider and then advise on factors such as what is covered by different types of super risk cover insurance, affordability trade-offs, ways of funding the premiums (such as through salary sacrifice or personal contributions), impact on cash flow and implementing the insurance by considering different insurers and insurance products. It is important to consider the impact of any super insurance premiums on your super account balance, which involves projections and trade-offs.

Life insurance through super is a component of our super insurance advice, where our advisors will educate you on the differences and advantages and disadvantages of holding your insurance and risk cover inside or outside super.

• Your super insurance benefits

A key focus for us in providing super insurance advice is the benefits of different types of insurance. We help our clients balance those benefits with the costs of the insurance and the impact on cash flow and future retirement benefits such as superannuation.

Superannuation insurance benefits are subject to the claims process and often have wait periods. The type of insurance and risk cover insurance can impact whether insurance benefits are paid at all and how the claim is conducted. Our team of advisors will walk you through these differences to ensure you’re aware of the future of your funds.

Make smarter choices with your super with Setch Group

Managing your super fund doesn’t have to be complicated. At Setch Group, we act in your best interests and leverage our expertise and understanding of the insurance market to ensure your super is optimised to withstand whatever hurdles come your way.

Visit one of our locations or contact us for an obligation-free first appointment and take the first step to protect yourself and your family.