Some employers will offer their employees personal insurance cover. This can include life, TPD and also income protection (sometimes called salary continuance).
How Will Your Employer Provide Cover?
Employers may offer these types of insurance either through an employed sponsored super fund or just straight out of your pay. In most cases your employer will also cover the cost of the insurance premiums or pay an amount to help cover the cost. It is important to check with your employer if they offer cover and if so what type of cover they offer.
What to Do Next
If your employer does provide insurance the cover will often be of a basic nature and may not be totally suitable to your needs. Your financial planner can work out if there are any insurance gaps to fill in and make sure you’re sufficiently covered.
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by Simon Tworek
Simon is a Financial Adviser at Insight Wealth Planning. He has an advanced diploma and masters in Financial Planning and has a strong technical background.
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- How Much Life Insurance Do I Need?
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.