Insurance in super: why having a ‘safety net’ matters

When we’re young, it’s natural to think that we’re invincible, but life can have a way of pulling the rug out from under us when we least expect it.

And that’s where insurance comes in to save the day.

Let’s face it, insurance is one of those ‘unsexy’ things that no one really wants to give much thought to. However, it’s a fallback plan when things don’t go to plan.

Think of it as a ‘safety net’ for life. 

The importance of having a safety net

If you were asked what your biggest asset was, how would you respond?

Many people would say their home, car or personal possessions, but this is not entirely correct. The ability to earn a future income is by far your biggest asset. Just as you insure your home, your car, your possessions, it’s important to insure your future income in the event that you’re no longer able to work.

The good news is that most people can obtain insurance through their super - usually at a cheaper rate than if you purchased it privately.

Maritime Super’s insurance options

Insurance through super is an important benefit and key part of a sound financial plan. 

If you’re like most people, you probably insure your car, home and its contents and perhaps your health costs, and think you’re covered. But we forget about the one thing that pays the bills – our ability to earn an income to pay for your lifestyle and provide for your family.

If something were to happen and you couldn’t work, how long would your savings last? If the worst was to happen and you were no longer around, would your family have enough money to continue on?

Maritime Super offers you a range of insurance options that not only provide comprehensive cover, but generally cost less than similar policies offered elsewhere:

  • Death cover
  • Total and Permanent Disablement cover
  • Income Protection.

Learn more about insurance through Maritime Super.

How much is enough?

While most Australians have some level of insurance, usually through their super fund, most don’t have nearly enough. In fact, as a country, we are underinsured.

The main reason we’re underinsured is because we’re all different and have different needs. Plus, most people don’t actively assess the level of cover they need and simply take up the basic level of cover offered through their super fund when they join. 

Most industry super funds have cover specific to their membership, but it’s up to you to work out the additional units of insurance you need to get you adequately covered for your personal circumstances. To work out how much cover you need, explore cover levels using our Insurance Needs Calculator - it lets you input your personal details like age, dependents, assets and debts, or speak to one of our financial planners.

Underinsurance

Do you know how much cover you have?

To check your level of cover, log in to Member Online from your phone, desktop or via the Member App. 

What makes Maritime Super’s insurance different?

  • It’s created especially for you – Maritime Super understands you and your job. Our insurance is specially tailored to people who work in the maritime industry, taking into account the key roles and risks within the industry.
  • It’s more affordable - we’ve negotiated competitive prices with our insurer which are not necessarily available to you privately. And, these are typically lower insurance premium costs compared to individual insurance policies for maritime workers with similar benefits.
  • You have no out-of-pocket expenses - your premiums are paid directly out of your Maritime Super account, not your wallet. And in some membership categories, your employer even covers the cost.
  • It’s very flexible - you can change your level of cover at any time or when your circumstances change (for example, if you get a pay rise or start a family).

Some handy resources

We’ve put together some great resources to help you:

Try out our Insurance needs calculator – work out the level of insurance cover you need to protect you and your family.

Watch our Insurance and super video – get an overview of the types of insurance cover and how to go about getting insured.

Disclaimer:
The information on this page has been issued by Maritime Financial Services Pty Limited (MFS). It contains general information that doesn’t take into account your individual objectives, financial situation or needs. It’s important to consider how appropriate this general information is in relation to your situation before making an investment decision. We recommend that you seek financial advice before making any decisions regarding your super or investments. The information on this page is current at the time of publishing.


 

 
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