Okay so I have asked for financial advice before and didn't get anywhere. Just keen to know what people do with income and disability insurance. My super is charging 50$ a month for income and 10$ a month for disability insurance. Do people advise to use that or get own insurance? Any suggestions are welcome
Income and Disability Protection
Royale with cheese on 24/01/2018 - 15:38
Comments
The thing I learnt with my insurance broker is most policies particularly super policies only cover you for an "all occupations" definition.
What this means is if you're a surgeon and then get injured but still can work at the local milk bar, you won't be covered.
So it may be worthwhile pursuing separate cover so you are covered for "own occupation".
There is so much that needs to go into a thorough answer here.
Simply saying you are paying $60 a month doesn't give any insight.
You need to understand exactly what you are covered for, the amount you covered for, the various Ts & Cs attaching, etc.
To give you some broad context for my comments, my insurance runs about $2k a year and I am very happy with it. I know others who have $5k annual bills.
Yours is $720 a year and it seems you are (or may be) unhappy. The difference, even allowing for our personal preferences, is that one is likely providing significantly more coverage than the other.
Cool. Thanks guys for the info. I shall look it up
I dont know situation. but if you have no dependents i dont see how its worth it
Thats what i was wondering
IMO if you are under 50 it’s not worth it.
I get my own from allianz, $52 a month.