You might not, if you don’t rely on your income to maintain your standard of living and pay bills and if you have no spouse or dependents, you might not need insurance. It’s probably worth speaking with a qualified advisor to go over your situation.

Changing jobs, moving home, increasing debts or birth of a child are just a few reasons to review your cover.

You should discuss the illness and insurance cover you are looking for with an advisor as they will be able to speak with an insurance underwriter on your behalf. You may have to settle for an accident only policy.

You can insure up to 75% of your gross taxable income from your personal exertion, this can include any income paid to a spouse as income splitting.

It’s normally because you have a stepped premium that increases each year with your age. You need to ask your advisor to do a comparison with level premium as this could save you a fortune in the long term.

You can make a non lapsing binding nomination that instructs the trustee who to pay the benefit too.

There are a few potential issues that include, having to complete different claim forms if you have a claim, not getting larger sum insured discount and some companies offer a multi policy discount as well. A review will let you know what benefits could be possible.

If you have a 30 day wait, you normally won’t receive any money for 60 days, because the first 30 days you get nothing and then you get paid 30 days in arrears. If this is to long you need to look at a 14 day wait or an early accident option where you could be on claim after 3 days if you have an accident.

No, this ‘in specie’ transfer could make your fund non complying and result in all sorts of tax issues, you need to cancel the policy and get it re-issued with your DIY super fund as the owner.

It’s quick and easy to get an insurance quote, simply click here now to fill out our online application form and one of our advisors will call you shortly to finish the application process.