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Super and insurance are important. They are there for you when something happens or, in Super’s case, when you retire. It is important to know what is right for you and how to make sure you have yourself covered for the future.
Check out the information below to find our more and remember you can get help if you need it.
Insurance:
Superannuation:
When Reg and Shane are both 30 years old they each have $10,000 in their super accounts. They both work, earning $65,000 per year. Reg asks his employer to pay an extra $100 per fortnight into his super account.
Shane doesn’t. They keep earning the same amount.
Now that they are 67 years old, Shane has over $381,000 in his super account but Reg has over $507,000 in his super account.
We worked this out using the MoneySmart calculator. Put in your amounts and see how you can grow your super.
A Quick Guide to Car Insurance
There are three main types of car insurance:
You can get more information on the MoneySmart website.
Hot tip: Don’t pay for someone else’s BMW! Avoid driving any car that doesn’t have Third Party Property Damage insurance.
Had a car accident?
Our tips are:
• Get advice as soon as you can – you may have options you’d never considered. Call us for advice.
• The motor vehicle accidents problem solver, fact sheets and sample letters can be really helpful.
• If you’ve had an accident and you weren’t insured, read our fact sheet for help.
Why insure your home and/or contents?
You can insure your home and/or the contents of your home so they will be replaced if lost because of flood, fire, robbery or other events – depending on your insurance policy.
There’s some really useful information about all of that in the MoneySmart website.
A smart thing – in case you need to claim one day
Got insurance and a phone? Whatever it is that you have insured – get a video of it and save it on your phone. For example, if you have contents insurance – open all your drawers and cupboards and go around the house filming your stuff. That helps prove to your insurer what you’ve lost. Do it every year.
Got a problem with an insurance company?
If you’ve got an insurance company:
• chasing you for a debt;
• not paying your claim;
• investigating you;
or something else relating to home, contents, car, pet or travel insurance
• call us; and/or
• read the information on our Insurance Law page.
It’s your money – watch it grow
Did you know your employer has to pay money into your super fund – in addition to your wages? You can work out how much they need to pay on the MoneySmart website.
Your super is for your retirement. The sooner you put money into super the more you will have when you retire.
Don’t get your super out early
Getting your super out early can seem like a good idea – but usually it’s not. Here’s why:
Injured? Disabled? Lost your job?
You might be insured for this and not know
If you have super you might also have:
If you’ve ever had super and you are injured or become disabled, find out if you have insurance through that super for this.
If you’ve lost a loved one, they may have had life insurance. You should get advice as soon as you can.
Find more information on the MoneySmart website.
Making sure your loved ones get your super when you pass away
When you pass away, your super fund will pay your super to your dependants. That means your husband or wife and children should get the money in your super fund and any life insurance through super.
It is important that you tell your super fund where want your super to go. You can do that by completing a form and sending it to your super fund:
Financial Rights acknowledges Aboriginal and Torres Strait Islander peoples as the traditional owners and celebrate the diversity of Aboriginal peoples and their ongoing cultures and connections to all lands and waters. Financial Rights acknowledges the Gadigal people of the Eora Nation as the traditional owners and custodians of the land on which our main office is located. We pay our respects to Elders past and present and future traditional custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Aboriginal and Torres Strait Islander peoples should be aware this website may contain images or names of people who have passed away.
