pet insurance

Life Insurance

29 Jun 2020


Do I need life insurance if I already have it in my superannuation?

Most people think they have some sort of life insurance included in their superannuation, but that’s where it ends. They may not know if the insurance in their super is enough, or whether it has any exclusions that apply.

 

Does your super have enough cover?

Life insurance can ensure your dependants can cover the costs of paying the mortgage, the bills, or school fees, and maintain their lifestyle if something were to happen to you. So it makes sense to contact your super fund and check what cover you have.

Insurance in super is not automatic

There have been recent changes to super aiming to protect young members and members with small balances. These changes mean that if an account is inactive and has not received a contribution for 16 months, the account will be cancelled. For new super members under the age of 25 or with a balance less than $6,000, life insurance is not automatic; you have to opt in to have it.

For more information, contact your super fund and/or look at the ASIC Money Smart website.
 

Review your cover

If you’ve reviewed the cover you have in your super and found that it’s not enough, you may wish to consider a direct product such as Woolworths Life Insurance. This will help to ensure your family has what they need, when they really need it.


Why pick Woolworths Life Insurance?
 

Easy to apply
online#

Buy Life Insurance online. No medicals or blood tests needed. Please call us for a Funeral Insurance policy or for Life Insurance with the Total & Permanent disability cover option

Affordable Life
Insurance premiums

Everyday Rewards members get 10% off for the life of the policy+, so cover can start as low as $2.55 a week**  
 

Freedom to
change your mind

30 day cooling off period - cancel your policy within this time frame and as long as you haven't made a claim, we'll refund your premium


 

Thinking about life insurance?

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** Premium based on $150,000 Life Insurance benefit for a female non-smoker aged 34. Premium payment options are monthly, fortnightly and annually.

+ You must be an Everyday Rewards member to receive a 10% discount on your Woolworths Life Insurance policy. Everyday Rewards Membership is subject to the Everyday Rewards Terms and Conditions available at everydayrewards.com.au

# Depending on your answers to the health and lifestyle questions, or if you wish to add optional Total and Permanent Disability cover, you may be required to speak with a sales agent to clarify your situation.

This is general advice only and does not take into account your objectives, financial situation or needs. Before acting on advice, consider whether it is appropriate for you. Before you purchase this product you should carefully read the Financial Services Guide and Product Disclosure Statement to decide if it is right for you. Benefits are subject to the terms and conditions including the limits and exclusions of the insurance policy. The Life insurer, Swiss Re Life & Health Australia Limited ABN 74 000 218 306 AFSL 324908 has adopted the Life Insurance Code of Practice (the Code), the life insurance industry’s commitment to mandatory customer service standards and it’s designed to protect you, the customer. Click here for more information about the Code or visit www.fsc.org.au