Content provided by MDC Silver partner NGS Super
When you think about super, you probably don’t connect it to your health. But if your health were to take a turn for the worse, your super could end up being your main source of support. How? Through insurance.
If you could no longer work due to an injury or unexpected illness, how would you continue to earn a salary? Would you be able to support your family and pay the bills? Who depends on you financially, and how would they be affected if you were to pass away? This is where insurance can assist — with the right type and level of cover, you can protect yourself and your family if the unexpected were to happen.
Why would I need insurance?
In 2021, our insurance partner, TAL, paid a total of $38 million1 in claims to 584 NGS Super members. Of that total, 90.4% of claims paid helped our members continue living their lives2 while recovering from or managing an illness or injury.
Source: TAL Life Limited
* Insurance cover is provided through and subject to the terms and conditions of group policies issued by TAL to the trustee of NGS Super.
The numbers show that, sadly, cancer was the main reason our members made an insurance claim in 2021. Whether cancer or any health condition, these are not things we typically plan for — they just happen. For the 584 NGS members who successfully claimed on their insurance cover, life could have been a lot more difficult had they not been insured.
Insurance through super — not through your wallet
One of the biggest hurdles in getting insurance can be the cost. Insurance through super can help mitigate that as your insurance premiums are automatically deducted from your super account, so your take-home pay isn’t reduced. Insurance through super is also often cheaper than outside super thanks to economies of scale.
We’re here to help
If you’d like to know more about how insurance through super could help protect you and your family, you can chat with an NGS Super Specialist.
The information provided is general information only and does not take into account your personal objectives, financial situation or needs. Before acting on this information or making an investment decision, you should consider your personal circumstances and read our Product Disclosure Statement and Target Market Determinations for more information. You should also consider obtaining financial, taxation and/or legal advice which is tailored to your personal circumstances before making a decision.
1 The paid figure represents gross benefit amounts
2 The claim types which are included in 'continue living' group are Income Protection and Total and Permanent Disablement