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SuperRatings' Pension of the Year 4 years in a row4
You never miss a payment for your car, health and home insurance, but have you spared a thought for the insurance that protects your way of life?
That’s where income protection and death and total and permanent disability (TPD) cover comes in. It may be just as important as any other type of insurance you have, if not more, because it protects your ability to pay for your living expenses.
95 per cent of Australian families don’t have enough insurance and one in five families will be impacted by a trigger event that leaves a parent unable to work, either temporarily or permanently.1 So look around your workplace. Of the five people near you, statistically one of their families could be impacted in the future.
Have a think about how much you’d realistically need to cover your day-to-day living expenses if you become ill or injured and couldn’t work. And don’t just think about the here and now – cast your mind further into the future and consider how your family would cope if you passed away and they had to replace years or decades of your income.
Here’s just a few of the big ticket expenses your family might need to find money for if something affected your ability to work:
And be sure to also think about how you and your family would cope if you became totally and permanently disabled (TPD) and couldn’t return to work. Could you live off your lump sum TPD payment for potentially decades? And considering potential medical and rehabilitation expenses, and even the cost of home modifications and ongoing nursing care is also important.
Once you’ve got a better idea of what you might need if something happened, look at Your 2016 Super Statement and make sure you’ve got adequate cover.
If you think your current cover doesn’t suit your life, head to Insurance to find out more about how you can now personalise your cover to meet your individual needs with QSuper. Or head to Member Online to check your current level of cover is right for where you’re at in life.
1 lifewise.org.au/downloads/file/aboutthelifewisecampaign/2010_0203_lifewisenatsemsummarya4final.pdf, accessed 3 May 2016
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