Millions of Australians have life insurance within their super fund. This is sometimes known as ‘group’ or ‘bulk’ life insurance because super funds provide group cover – for their large member population – by buying in bulk. The Australian Government’s regulatory body APRA (Australian Prudential Regulation Authority) state “almost 70% of Australians who have life insurance, hold it through their superannuation.”
Given that millions of working Australians are insured through super, it’s surprising how many individuals:
There are differences between life insurance though super, and life insurance you can attain from a life insurer outside of the superannuation environment. Here are some benefits and drawbacks to be aware of.
There are some possible drawbacks of life insurance through superannuation, including:
Fully underwritten life insurance is available under NobleOak’s FlexiCover, including Life Insurance, Income Protection insurance, Trauma Insurance and Total & Permanent Disablement Insurance (TPD). Cover is available directly from NobleOak.
To get a quote from NobleOak, speak to their friendly team on 1300 108 490 or go to flexicoverlife.com.au/qudos
This article has been written by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302.
This is provided for general information. General financial advice in this article is provided by NobleOak and does not take into consideration your individual circumstances, objectives, financial situation, or needs. You should carefully consider the PDS (available by calling NobleOak on 1300 108 490 or from www.flexicoverlife.com.au/qudos ) to decide if it is right for you. The Target Market Determination for NobleOak’s FlexiCover Insurance is available at www.nobleoak.com.au/target-market-determination.
FlexiCover is issued by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302 (‘NobleOak’). Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 55 AFSL/Australian Credit Licence 238 305 (‘Qudos Bank’) is not responsible for the FlexiCover product. Qudos Bank promotes the FlexiCover product under a marketing arrangement with NobleOak but does not provide any financial advice regarding the product. NobleOak Services Limited (wholly-owned by NobleOak) pays Qudos Bank an ongoing commission of 16.5% of premium when products are acquired as a result of the marketing arrangement. This commission is at no additional cost to customers. Further information can be found in the NobleOak Financial Services Guide (FSG) available at www.nobleoak.com.au and in the Qudos Bank Financial Services Guide (FSG) available at www.qudosbank.com.au.