saffer2 Posted June 27, 2007 Report Share Posted June 27, 2007 Have had great service www.lifebroker.com.au with regards to setting up life insurance in Australia. Worth considering life insurance, income protection, disability cover and terminal illness cover. Whether you are the main breadwinner or looking after the kids, if anything were to happen to either partner, the chances of being able to afford to stay in Aus in the absence of cover, would (at least in our case) be minimal. Quote Link to comment Share on other sites More sharing options...
sa2auz Posted June 27, 2007 Report Share Posted June 27, 2007 Thanks so much, great info to have, can you give us an idea of the costs, so we can compare.Thanks Quote Link to comment Share on other sites More sharing options...
Bob Posted June 27, 2007 Report Share Posted June 27, 2007 Don't forget to check the life insurance cover with your Superannuation scheme.They cover death, disablility, etc. in a package at great prices for all their members . . . . and that means you! Quote Link to comment Share on other sites More sharing options...
Riekie Posted June 29, 2007 Report Share Posted June 29, 2007 Bob, we are also now in the process of looking for life insurance here in Aus. I'm with an industry super fund and was wondering if it is better to take out additional life insurance with them - or to rather look elsewhere (like AMP, Colonial Mutual etc.) My super fund currently has a small amount of life insurance, as part of my super cover, but it is not nearly enough. Same for hubby - though he does not contribute to an industry super fund. Because we don't have any experience as far as life insurance goes in Aus, we don't want to get a raw deal, so we'd appreciate your expertise advise. Quote Link to comment Share on other sites More sharing options...
Karl Wrogemann Posted July 5, 2007 Report Share Posted July 5, 2007 Hi Riekie,It will be a lot cheaper to take add more life insurance onto you Super but you must keep it mind that the more you spend on Life insurance the smaller amount is left for growth. Quote Link to comment Share on other sites More sharing options...
Jongman Posted July 6, 2007 Report Share Posted July 6, 2007 (edited) Hi everyone, I recently applied to Statewide, a South Australian super fund, and I have to urge everyone to talk to a consultant. I spoke to a Statewide consultant and she made everything clear. She showed me which investment options would suit me, and she covered everything I need to know about insurance (accidental coverage and life insurance). All the benefits and drawbacks! Its worth talking to them because even though you might not join them, they can give you valuable information! So If you can, please talk to you super fund's consultant. They know what they are talking about.Fred Edited July 6, 2007 by Fred Quote Link to comment Share on other sites More sharing options...
Bob Posted July 8, 2007 Report Share Posted July 8, 2007 Riekie, I'd give your super fund a ring asking them about the life insurance component in your super payments. Take note also, on what Karl's said, in that the more you "divert" into life insurance rather than into your super itself, this leaves less money working for you so that you'll have a nice little nest-egg when you quit the workforce in years to come. Take into account what expenses there are needed to be covered in the future and don't over insure.That will end up costing you in you having a much lower pay-out in your old age when you come to take your super. Also, I'd be comparing Martin's super fund performances over the last 5 to 10 years with what the average Industry Super fund is achieving for its members within the same time span and don't feel any dramas about switching if the figures alarm you. Quote Link to comment Share on other sites More sharing options...
Riekie Posted July 16, 2007 Report Share Posted July 16, 2007 Thanks Bob! It's just so frustrating, having to start over again at this stage of our lives and we only have so many years to "catch up".... We had it all planned, financed, saved & set up in RSA for a nice, comfortable retirement, travelling the world, sipping sun-downers on the beach house porch...... and now that's all gone.... (Even if we do manage to get it out, it will be worth almost zippo by the time its been through the government, the tax office and the exchange rate...... ) Quote Link to comment Share on other sites More sharing options...
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