Ask an Adviser: life insurance through super for singles

August 5, 2024

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I’m 50 and single with no children. Is there any point in having life insurance inside my super?

TelstraSuper financial adviser Jeremy Lack

When significant events occur in your life – such as a milestone birthday – it’s worth considering if your current insurance cover is still suitable for your financial obligations. 

TelstraSuper provides Death cover,  and Total & Permanent Disablement Cover and Income Protection Cover for eligible members and the insurance premiums are automatically deducted from their super accounts.  

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Death cover is designed to provide financial security for your loved ones and cover any debts and funeral costs at the time of your death. If you do not have any beneficiaries and your existing assets are sufficient to cover any debts you have, it may be beneficial to cancel your Death cover.  

However, if you have a home mortgage or other debt, continuing your TPD Cover and purchasing Income Protection Insurance might be a good idea.  
To estimate the level of insurance cover you may need, you can use our Needs Calculator via your Super Online account.

TRY THE CALCULATOR

To cancel or reduce your insurance cover you can email [email protected] or complete a Cancel or Reduce Insurance form. You can also cancel your insurance at any time via your SuperOnline account. 

If you need more information about insurance cover, try out our live chat or call us on 1300 033 166.  

Past performance is not a reliable indicator of future performance. Any general advice has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any decision, you should obtain and read the relevant Product Disclosure Statement and Target Market Determination or call us on 1300 033 166 for copies of these documents. You may wish to consult an adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.