Through education especially over the last decade most people understand the importance of superannuation and trying to reach that nest egg for retirement. This financial literacy has seen the Gen X's pay more attention to super at a younger age than previous generations.
In saying that our business is seeing a massive hole in client's knowledge and understanding of what insurance cover held within their Industry Super Fund's. Our goal is for every one of our clients to implement a comprehensive Wealth Protection Plan, this designed to protect your pool of future earnings if a major health event were to take you out of the workplace.
Over the last 2 years we have seen a rapid increase in the cost of cover within industry funds, in some cases a 100-150% increase.
If you have one of the below funds we urge you to contact our office for an obligation free review:
Industry Fund Case Study
This was a recent case within our practice, the client has a young family and works in a manual trade. As you can see there is a significant difference in levels of cover against premium.
Total & Permanent Disablement $208,000
Yearly Premium $1,489
Total & Permanent Disablement $1,220,000
Yearly Premium $1,313
Understanding of our superannuation has increased dramatically over the last decade. We hear the radio ad's telling us we can find your lost super, you should consolidate your super.
When I ask clients what insurance cover they have within their super - they struggle to tell me.