FAQs

Q?My employer has set up an Industry Superannuation Fund. Should I keep this fund or move to another?

You generally get what you pay for, therefore it is important to review what is on offer within the superannuation fund. From our experience, most people don’t understand the options available in their own superannuation funds nor do they understand what they could be missing out on. The cost is not the only consideration in selecting a superannuation fund. An obligation free appointment with Your Financial Adviser could help you to make an informed decision.

Having said that, you should look at your financial strategy. Your employer pays 9% of your salary into a superannuation fund, however do you know if this is sufficient to reach your retirement income goals? An appointment with an adviser can help you determine whether your superannuation is enough.

Q?I am considering insurance. I saw the television advertisement for insurance without any medical information and am thinking about applying. It seems quick and easy?.

Be very careful. If you have been offered the insurance cover without providing any previous medical evidence, then the insurer may impose an exclusion on any pre-existing medical conditions. This means that you are not covered for any health conditions arising before the start date of the policy. It can be difficult at claim time to prove what was existing and what has occurred afterwards. This can cause delays and confusion at the time of claim (and a get out clause for the insurer).

You should also consider the ownership structure of an insurance policy. Do you know you can pay for some insurance policies with your super fund? This means that your cash-flow is improved and you are using pre-tax dollars (via super) to pay your insurance premium. This can result in a saving of up to 46.5%.

Q?Should I put all my superannuation into one account to save on fees?

Not necessarily. There is a lot to consider when making a superannuation fund product selection. If you do not have a full understanding of the following terms, we suggest you book an appointment: Investment options, Anti-detriment payments, Non-lapsing binding beneficiary nomination, MER, Administration Fee, Own Occupation TPD Insurance, Income Protection benefit period, Indemnity Option.