Insurance Cover

Most people believe that superannuation is only intended to provide for your retirement lifestyle. Not true. It has also been designed to protect today’s lifestyle for you and your family. To enable this superannuation is a highly tax effective vehicle to hold and pay for various life insurances.

Custom Personal Insurance

Many superannuation funds provide default levels of life, Temporary and Permanent Disablement, Trauma and Income insurance automatically to members when they are added to the super fund by their employer. Most people may not know what is appropriate and as such may be wasting money on insurance that won’t cover them in the event it is needed. Generally super members should be aware of the following guidelines when selecting personal insurance:

• Life insurance limits should cover the payout of debts, support your children through education and domestic help until they are no longer financially dependent, clean up miscellaneous costs associated with your passing and to maintain your partners lifestyle until they pass
• Temporary or Permanent Disability (TPD) insurance limits should be set similar to your life insurance limits, and take additional consideration of medical costs that may be incurred if you are permanently disabled
• Trauma insurance limits should allow for your inability to work for 1 to 2 years and should provide enough to make medical modifications to your home and transport, plus meet finance and lifestyle expenses while you are unable to work, and
• Income insurance limits should typically be set at around 75% of your regular monthly income.

Given the complexity of determining these limits at your request a Cashel Advisor will work with you to determine the most appropriate limits from one our approved providers. It should be noted, that if the insurances are held in your superannuation fund they are tax deductible.

Default MySuper Insurance Coverage

When Cashel Super is launched, should you join Cashel Super by way of your employer, unless you opt out for a custom insurance package instead, you will have access to Cashel Super’s Automatic Acceptance Insurance Group cover. Detail of this will be provided when Cashel Super is launched. It should be noted however that this base level of insurance should not be relied upon to meet all your needs. You should discuss with a Cashel Advisor your required needs.

In less than 60 seconds you can join Cashel Super. We use secure technology to verify your identity with the Australian Tax Office, search the MyGov superannuation registers to fund any lost or unclaimed super and prompt you with questions to start the process of establishing your insurances needs.  As a member and subject to the service level you select, you will have a dedicated financial advisor at no extra cost. This financial advisor will assist you with personal advise on financial planning strategies, coordinate access to our debt experts, and assist with investment, insurance and administration platform selection.