Time to review your life insurance
For a long time, industry super funds could be relied upon to offer life insurance products at a very competitive price. But times are changing.
Over the last two financial years, premiums for life insurance with the 10 largest industry super funds increased by an average of 50%, while retail premiums held steady.
We're now at the point where retail life insurance, usually sold by a financial adviser, may be cheaper than what's on offer from three of the largest industry super funds. The message for consumers? Now's the time to review your life insurance cover, make sure you're not over- or under-insured, and ensure you're getting the best value cover.
Take the time to get your life insurance right
It's a good idea to get your life insurance right the first time, as it can be difficult to switch. The older you get, the less likely you are to qualify for cover that requires a health check. If you have pre-existing health conditions, you may not be offered any cover, your pre-existing health conditions may be excluded, or you may have to pay a surcharge on the premium.
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