Resilience: Protecting your financial fitness

09 Mar 2022

Content provided by MDC Silver partner NGS Super

In fitness, we know there are certain things we can do to avoid injury, like warming up, and taking time to stretch post-workout. But accidents can happen. Just as an unexpected illness or injury can throw a spanner in our workout plans, it can also jeopardise our financial fitness. That’s why fostering financial resilience is an important part of protecting yourself. Here, we explore the role of insurance in helping protect you and your financial fitness.

When it comes to insurance, you’re most likely to think of the ‘general’ type, like home and contents insurance, car insurance and travel insurance. Depending on your circumstances, you may also know about life insurance, which is a type of personal insurance. 

What you may not have given much thought to, however, are the types of insurance that can make all the difference to your long-term financial fitness, including income protection insurance and total and permanent disablement cover.

While life and total and permanent disablement cover pay out a lump sum amount, income protection is designed to cover your salary if you’re unable to work for a period of time.

Insurance is all about assessing the impact of life’s unknowns on your quality of life. We can plan to the best of our abilities, but unfortunately illnesses like cancer or trauma from a car accident can strike when we least expect it.

Before making any decisions about your insurance cover you need to know all the facts. Each policy will offer different levels of cover and will have a different price point.

There are a number of online tools available to help navigate the world of insurance, and ASIC’s MoneySmart website is a great place to start. Most super funds will also have tools, like our Insurance Quote Calculator that can help you gauge the level of cover you might need and what it could cost. 

You can also speak to a financial professional if you’re thinking about insurance cover outside of super. If you take that route, be sure to ask for quotes from a number of insurers and compare them to what you can get through your super fund.

At NGS Super, our Super Specialists can help you ease any feelings of uncertainty by helping you understand your options based on your situation. You can book a one-on-one appointment with an NGS Super Specialist at Appointments are available over the phone or via Zoom, Monday to Friday, 9am–5pm. You can also read more helpful articles at