I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Super Income Insurance

It is also tax deductible. It should be your default "must-have" insurance to protect your mortgage repayments and cost of living.

Did you know that your income protection can provide benefits that increase with indentation till you're 65? But here's the downside of income protection inside super. If it looks like you'd be unclaimed for life, don't pull the button switch. By the time, they determine that you are no longer sick or injured, but you're now TPD, they will cancel your income protection and pay your TPD benefit in a lump sum.

You may say it's essentially better. That's wrong. Let's say you're 30 and earning $60,000 per annum, and your income protection is at 75%, your lifetime OP benefit is 35 x 60,000 x 75% equals 3.5 million. Your TPD benefit may only be $250,000.

Super funds have assumed that you are a non-smoker. If you're a smoker, expect all of your insurance coverage to be reduced by 25%.

Consider the Pros and Cons

When making a decision, it's important to discuss pros and cons of having income protection inside of super rather than outside. The pros of having insurance in your super are affordability. Super funds can provide fair rates to members. So super can be substantially cheaper than those of retail providers.

The premium that is deducted from your superannuation account can reap your day to day cash flow. The downside through of having insurance through your super is you may not be able to access other features such as cover if you've been out of your job.

If you are not sure about your insurance needs, feel free to make more inquiries at www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

Loading PLease Wait..