Insurance Cover
When you sign up with Cashel Super, you may be eligible to receive automatic life, disability and income insurance, covering you for specific accidents that could affect you or your family’s future. Alternatively you may want advise on arranging custom and appropriate coverage.
Protecting Your Lifestyle Today
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.
How do I Join Cashel Super?
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.
*For Cashel to conduct a Super search, you must be a member of Cashel Super. Our search results typically yield lost, unclaimed and active superannuation accounts. Initial and ongoing fees will apply if you roll over all or some of your existing superannuation into Cashel Super, either independently or after we find your super. You should note the insurance you have with your existing accounts and note that you may not be able to obtain the same entitlements (you may either gain or lose insurance coverage) from Cashel Super. Membership of Cashel Super is subject to the Product Disclosure Statement, the Reference Guide and the Membership Terms and Conditions.