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Is your family financially secure? Why you should review your insurance…

Have you considered the risks you and your family are exposed to?

Life, as we all know it, is full of uncertainties. Your lifestyle may change in an instant due to a serious accident or illness or death of a family member. As things change quickly, having an appropriate risk protection plan in place is essential to ensure you and your family’s financial security.

Unfortunately, research from Lifewise reported that 95% of Australian families are not adequately insured. Also, the Australian Securities and Investments Commission (ASIC) expressed their concern through a statement that superannuation insurance providers are making changes to policies without being transparent to its customers.

Be more certain of making a successful claim.

In general, superannuation insurances are automatically accepted without considering your current health or any history of hereditary disease. It is only when you make a claim on the policy that this information is factored in. This means that you are less certain to get positive results when you make a claim.

Become aware of the requirements to maintain your cover.

There are several circumstances that could possibly affect your insurance coverage requirements and result in poor claim outcomes. Unfortunately, ASIC noted that superannuation trustees, such as the large industry super funds, are lacking in making effective disclosure to their clients. “It is not enough for trustees to mention circumstances in which cover might change upfront, as disengaged members will almost certainly not recall that possibility many years later”, says ASIC deputy chairman, Peter Kell in an announcement.

Make sure you are paying the right amount for your premium. 

Most trustees treat members as smokers when calculating the insurance premium. If you are a non-smoker, you may be paying a higher premium than you should. An insurance review helps guarantee that you are paying the right amount for the right insurance coverage.

Identify the level of benefit that is appropriate for you.

As your circumstances change, your needs also change. With an insurance review, you will be able to identify what you are covered for and what you’re not. This is certainly important when an unexpected event such as an injury, serious illness, or even death occurs.

If you want to ensure that you and your loved ones are covered, undergoing an insurance review is a logical choice as it will help identify your risk exposure and ensure that you are covered for when you need it most at a cost that suits your budget.

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