Your Super can be used to pay for three types of Covers: Life, TPD Any Occupation and Income Protection. By holding these covers through your super, your premiums will be paid by super money instead of your out-of-pocket money, thus making insurance more affordable.
Pension insurance generally covers: life, disability, and income insurance.
As long as there is a minimum balance in the superannuation account, you have the option to use your superannuation funds to prepay premiums without utilizing your personal cash flow.
There will be some discounts on pension insurance premiums, including: 15% tax rebate discounts, annual premium discounts, etc.
Insurance premiums are generally automatically deducted from the pension every year, which is convenient for management.
Individuals with real estate and loans, seniors, and children may have diverse wealth protection needs in the event of death, terminal illness, disability, or an inability to work:
Property Protection and Loan Repayment: Desire to safeguard property, repay loans, and mitigate the risk of leverage issues.
Business Continuity: Seek continuous funding for effective business management, ensuring an uninterrupted financial chain.
Meeting Daily Expenses and Quality of Life: Want to cover daily expenses and ensure a certain quality of life.
Compensation for Lost Income due to Disability: Desire compensation for lost income resulting from an inability to work due to disability.
Reducing Cash Flow Pressure: Aim to alleviate cash flow pressure, preferring not to dip into personal funds, but instead utilizing pension funds in advance for family wealth protection.
What do you want to cover with pension insurance, including: life, disability, income insurance?
How much do you need to repay the mortgage? Are there other debts? How much income needs to be protected? How much does it cost to educate children? How much is the necessary living expenses?
Tailor the coverage amount to fit within your affordable premium range. The concept is to invest in long-term comprehensive protection without compromising your quality of life. Strive for a balance between coverage and premiums, putting you in control of your wealth.
The Speed Lending Insurance specialist team is highly trained and experienced in risk management. We have successfully assisted many individuals in making claims during crisis situations. Our approach is straightforward, helping you compare top Australian insurance brands efficiently. This empowers you to customize a preferred insurance solution that meets your protection needs—affordable and tailored to your preferences. This streamlined service saves you time and money, providing an intimate one-stop insurance and wealth management experience.
Our comparison service finds the balance, saving you time and effort.
Top insurers, chosen insurance brands, and a dedicated specialist team for your support.
No hidden fees, lower premiums, more discounts, total peace of mind.
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| Insurance comparison | Life | TPD | Trauma | Income Protection | Active |
|---|---|---|---|---|---|
| Receive Monthly Benefit for being unable to work due to sickness or injuries. | |||||
| Receive a lump sum benefits when you are permanently disabled and unable to work to in your occupation or any occupation. | |||||
| Receive a lump sum benefit when you suffer from one of the listed major health event. (eg. cancer, heart attack or stroke, etc.) | |||||
| Receive Monthly Benefit for being unable to work due to sickness or injuries. | |||||
| Child Cover Option Receive Benefit when a child suffers a serious illness, disability, death or terminal illness. | |||||
| Premium Paid via Super (100% or Partially) | |||||
| Free Health Reward Program | |||||
| Multiple claims | |||||
| Additional Claims Safety Net | |||||
| Protected Cover for Future Claims | |||||
| Premium | From AU$30.00/month | From AU$30.00/month | From AU$30.00/month | From AU$50.00/month | From AU$50.00/month |
Generally, when an employer sets up a pension for new employees, there may be a default insurance Default Cover, also known as “garbage insurance”; because there are many risks to be considered in this type of default insurance, mainly including:
– Does not include critical illness insurance, because many critical illnesses do not meet the withdrawal conditions of the pension.
– It belongs to the insurance with lenient entry and strict exit. That is to say, before the establishment of the insurance, there is no comprehensive health underwriting link “medical underwriting”, including whether smoking, alcoholism, family history, disease or disability history, etc. However, when the claim is settled, the insurance company begins to do “medical underwriting”, which may lead to the approval of the claim taking too long, less claims, or even no claims.
– Belongs to Unitized/Age based cover. As these types of plans approach retirement age, the sum assured will begin to decrease to the point of disappearance. As a result, when you may need insurance most, you may not have enough money. In addition, if there is a choice of a fixed amount of insurance, this type of insurance with wide entry and strict exit only has “stepped” premiums, that is, the premiums will increase each year according to the growth of age. After a few years, it may also be unbearable due to forced to cancel due to high premiums. This is also a risk to consider.
– Insurance terms are too simplistic: For example, TPD is generally only Any occupation. That is to say, when the insured person is unable to engage in his own work, and through his education, training and experience, he is unable to engage in any occupation, Any Occupation, can only be compensated. Example: Surgeon, handicapped and disabled, can no longer do his job, but can still go to university to be a teacher, and under this definition, no compensation can be obtained.
In fact, in addition to the default insurance of “easy entry and strict exit”, pensions can actually buy “strict entry and lenient exit” insurance. I call this type of insurance “comprehensive personal commercial insurance”, or “comprehensive personal insurance” in English, which can solve the above problems.
Hippo Wealth is an Australian one-stop insurance and wealth management selection platform. It has strategic cooperation with Australia’s top insurance companies, and can provide you with full reference insurance wealth management advice and product details, giving you the right to know and the right to choose, and customize your own insurance products. ! Because purchasing comprehensive personal business insurance is an important decision in your family’s finances, you need to carefully consider your goals, needs and financial situation before making a decision.
advantage:
shortcoming:
There are many types of insurance in mainland China and Hong Kong, including investment type, dividend type, protection type, pension type, and even universal accounts, etc., which are mixed with elements of protection and investment, and generally have cash value. Australia’s insurance generally refers to the protection type, which is an effective tool for family risk management. The demand for investment appreciation can generally be solved by purchasing wealth management products (for example: fixed income funds, equity funds, structured products, etc.).
You can use the “insurance link” method to bind TPD Own Occupation with critical illness insurance and pension insurance to obtain comprehensive protection.
Under normal circumstances, the “strict entry and wide exit” comprehensive pension commercial insurance is not bound for many years, and there is no mandatory cost. You can choose the premium you can pay according to your own situation, goals and needs. There are many factors that affect premiums, including: sum insured, age, gender, premium structure, whether you smoke, whether you have existing health risks, etc. General insurance has a “validity period”. During the validity period, the policyholder can adjust or terminate it at any time according to the protection needs of himself and the beneficiary.
hich product to buy with your pension depends entirely on your protection needs. Each product has its own unique terms to address the corresponding protection needs. Hippo Wealth summarizes for you several common types of personal insurance products that can be purchased with Australian pensions, for your reference, and for you to customize the family protection plan you want:
Australia’s leading insurance companies basically have these types of insurance products, each with its own product features, suitable for families and individuals with different protection needs. Contact Hippo Fortune to introduce the advantages and disadvantages of each product in detail for you to customize your own protection plan!
Who do I contact in the event of a claim? For insurance claim events, please promptly contact the Speed Lending Insurance team at admin@speedlending.com.au; we will notify the insurance company based on your claim event and assist in preparing the necessary supporting documents.
Are there any additional charges for claims service? No, the claims service offered by Speed Lending to Insurance members is provided at no extra cost.
Can I contact the insurance company directly? Yes, you can. As your insurance policy is a legal contract between you and the insurance company, you have the option to directly contact the insurance company to initiate a claim.
