Which Super is super?

[CLAREandANDRE]

If you work for the Government, their funds can be awesome! Australian Super, I agree, is a great Fund (my Husband is with them) there are limitations to your insurance within Super though. Part of my job is to refer people to look at this, so I know a little bit. Most Super Funds will offer Life, Total and Permanent Disablement Insurance and Income Protection within them. Sometimes there is a default amount in you Super, most often, you actually must apply with your Super fund for the cover. Some Industry Funds do not offer Income Protection and have high management costs, so take care. The income protection within your Super is also likely to only cover you for two years. What we recommend is talking with a Planner about your specific circumstances. Having the first 2 years within Super, means you can have. 2 year waiting period with the Income Protection outside of Super, meaning the premium is lower. Any income protection you pay for outside Super is tax deductible. one cover you can not get within Super is Trauma insurance. The evidence we have is that this cover is the one most claimed. Definitely discuss with a planner. They an tailor to your budget and recommend on your individual circumstance. Self employed people should look at Super too as a way to reduce tax payable. They can also structure insurance to be duly tax deductible for all cover not just the Income Protection component As with PAYG. Look at your beneficiaries. Consider a binding nomination, get a will in place and a Power of Attorney

[CLAREandANDRE]

Also, you need to consider, if your insurance premiums are being taken from your Super fund, this is reducing what you will have in retirement. You may wish to look at topping up your Super with some voluntary Super Contributions. Can also be quite tax effective.