How Much Insurance is Enough?
How much cover you need depends on you and your circumstances. It will be influenced by your income, your assets, your debts, your relationship status and how many dependants you have.
Many Australians access Income and Death & Disability insurance through their superannuation fund. A good starting point is to check what automatic insurance cover you received when you joined your super fund. You’ll find details of your insurance cover on the annual benefit statement your super fund sends you. Alternatively, you can contact your super fund for details.
If you have more than one super account, you could also have insurance with another provider.
At HSFP we can help you review your insurance needs and determine the most appropriate level of cover.
We guide you through a simple step by step process:
- Together we review your total insurance needs – what type and how much cover you need.
- Then we look at how much cover you have already.
- Is there a shortfall or gap? If so, we can help you structure any additional cover in the most cost effective way.
- As part of the review we can also look at how your beneficiaries are nominated and any possible tax implications.
Insurance may not be the most interesting subject, but by getting it right you’ll have peace of mind, knowing that you and your loved ones are protected if the worst were to happen.