While you may receive automatic cover through super, it’s important to ensure it suits your needs as they change over time.
For example, big life events like buying a property or having kids could be a good time to review your level of cover. If the worst were to happen, what would your benefit need to cover?
As well as your mortgage, you should consider other outgoings like school fees, car payments, and so on. And if you’re the primary wage earner and your partner is the primary carer, you may want enough coverage so the children can be looked after until they’re old enough to fend for themselves.
On the other end of the spectrum, once the kids have left home, the mortgage has been paid off, and you’re starting to think about retirement, you might want to re-evaluate your cover again.
While you may no longer have a mortgage to worry about, it’s important to think about those you will be leaving behind and how much they will need to cover their expenses and enjoy a healthy lifestyle.
To begin, you can see how much cover you already have by logging into your account and heading to the Insurance section.
You can then start to calculate your insurance needs with MoneySmart’s calculator. A Super Adviser can also help you understand your insurance cover and the level of cover you need.