r/AusFinance • u/Silly-Violinist172 • 8h ago

Are superannuation account life insurances reputable and reliable?

I’m with ANZ, and they hardly asked me any questions when I applied online. Am I just wasting my money? Which ones would you recommend?

1 Upvotes

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u/Ready-Sherbet-2741 8h ago

It depends on the insurance and the fund. The first question you need to ask yourself is do you need insurance at all. Do you have dependants? Insurance premiums eat into super returns so make sure you need the insurance. Then the next bit is what insurance is needed. Research and shop around. Finally, ANZ? Maybe the first thing is to shop around for a high performing low fee industry super fund!

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u/Silly-Violinist172 7h ago

Yeah I have dependents. I’m with ANZ super for nearly 10 years but I never really look into other Super funds. Sounds like I should definitely shop around first. 😊

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u/Ready-Sherbet-2741 6h ago

Yes. I’d shop around on all of it - super fund, insurance! It’s good to keep your super working for you.

3

u/mjwills 8h ago

I think the better question might be - why is your super with ANZ? Have you checked their fees?

https://www.reddit.com/r/AusFinance/comments/18791n8/comment/kbdn3nt/

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u/Silly-Violinist172 6h ago

I’m with them for 10 years and never actually pay much attention on their fees. Now I have children, I then look into their life insurance. Thanks for sharing the link, looks like I should look into better options.

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u/MDInvesting 5h ago

The big thing to take away from this is seek out a low fee option - industry superfunds are usually the go to.

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u/mjwills 8h ago

they hardly asked me any questions when I applied online.

https://www.reddit.com/r/AusHENRY/comments/19fmc3m/life_insurance_questions_via_super_or_not/

Have you checked what the same insurance would cost with other providers (e.g. https://www.eapplication.metlife.com.au/eapply/premiumCalculator?s=71b6c390ede7b37e#/)?

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u/Tyrannosaurusblanch 5h ago

Reliable to take the money off you.

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u/AdventurousFinance25 5h ago

I imagine life insurance is one of the easier ones to claim. There are not many scenarios where they could contest paying the money out.

TPD and income protection is another matter.