Most Australians Don’t Know They Already Have Insurance

A conversation I had today reminded me how many Australians don’t realise they may already have insurance.

A young farmer came in for advice around buying their first home and when I asked if they had insurance, the answer was an immediate “no”.

But after looking through their superannuation account, they discovered they already had default insurance cover through their super fund.

Many Australians have some level of life insurance, TPD insurance and income protection attached to their super, often without even knowing it.

The amount of cover varies between funds and members, so it’s worth taking a few minutes to log in and check what you have in place.

This becomes especially important if you’re buying a home, taking on debt or have people who rely on you financially.

Knowing what cover you have is one of the simplest financial checks you can do.

General advice only.

Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).