Super was built to serve you and your industry. That means you get personal g, long-term performance and tailored insurance which allows for commissions.
INSURANCE SUPER t reisuper.com.au/join-today
INSURANCE WITHIN SUPER: THINGS YOU NEED TO KNOW
BY REI SUPER
und Pty Ltd ABN 68 056 044 770 RSE L0000314 AFSL 240569. REI Super ABN 76 641 658 449 and RSE R1000412 MySuper unique identifier 76641658449129 for the ers of REI Super. It does not take into account any member’s individual financial objectives, financial situation or needs. Members should obtain and read the Product Disclosur making any decisions and consider talking to a financial adviser before investment decision. Past performance is no indication of future performance. July 2021. RE Mostmaking super an funds that offer IIS allow Remember, life insurance is for
Life insurance is one of the best ways to protect yourself and those you care about most.
their members to choose how much
those you leave behind so they don’t
of each type of cover they need.
experience financial hardship. When choosing your coverage, some
WHAT ARE THE BENEFITS OF IIS?
basics to consider are:
So it’s reassuring to know that
Depending on your circumstances,
• Mortgage debt;
most superannuation funds offer
IIS can be a great way to obtain
• Your past and current health
a built-in life insurance policy,
cover.
situation;
also known as insurance inside super (IIS) to their members. For many Australians, this is a simple and affordable way to manage life insurance.
IIS premiums are paid out of your superannuation account, which
• Time to grieve.
can be beneficial if your cash flow
For TPD insurance, you may
is limited and may offer some tax
consider:
advantages over retail policies.
However, it’s important to regularly
Premiums are paid from your
check the insurance cover inside
pre-tax income, so money isn’t
your super to make sure it meets
taken from your savings account
your needs.
for this purpose.
WHAT DOES INSURANCE INSIDE SUPER INCLUDE?
HOW MUCH COVER DO I NEED?
Although it’s still life insurance,
cover, it’s important to think carefully
whether you buy it in or out of super,
about how much cover you need
the insurance policy offered by your
and to review your policy when life
superannuation fund may include up
changes occur.
to three distinct types of cover:
• Cost of your children’s education;
• Your potential medical treatment costs; • Modifications to your home; • Basic living expenses for the rest of your life.
Whether you opt for IIS or retail
For example, young people who are
Contact us at REI Super to find out whether you are currently covered. Use our Insurance Needs Calculator to understand how much cover you need. Apply to make change to increased, reduce or cancel cover.
Click here to read the full article
• Life (or sometimes called ‘death’)
renting and have no dependants may
insurance, which pays a lump sum to
need less life insurance cover than
your beneficiaries if you die;
someone with a partner, children and
Future investment performance can vary from past performance, and
• Total and Permanent Disability
a mortgage.
performance. Past earning rates are not an indicator of future earning
(TPD) insurance, which is for serious
By contrast, younger people may
accidents or illness that permanently
need more TPD cover than older
stop you from working; and
people.
• Income Protection insurance,
Some super funds provide online
REI Super advises that REI Super has not considered any individual
which provides a regular payment
calculators to help their members
need to consider whether the advice is appropriate in light of their goals,
during prolonged illness.
figure out how much cover they
you should not base your decision to invest in REI Super simply on past rates. The investment returns of REI Super are not guaranteed, and the value of the investment may rise or fall. This article was brought to you by MetLife. The information contained in this article is of a general nature does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice,
need. C21 MARKET PULSE
DISCLAIMER
person’s objectives, financial situation or particular needs. Individuals objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super as well as the Insurance Guide and consider speaking to a licensed financial advisor before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044
11
770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE
CENTURY 21
R1000412 MySuper unique identifier 76641658449129 October 2021.
