What is Superannuation Insurance and How to Claim It?
Most people don’t bother about their superannuation. They will check the annual statement, see the balance, and then forget it. After all, the fund is for after retirement. But then, something happens. An injury. A sudden debilitating illness. Or a disability. A diagnosis that makes working impossible and upends your life. That’s where superannuation insurance can become surprisingly important. The lump-sum payment can offer you financial protection at a time when income stops, but expenses don’t. This blog explains what superannuation insurance is, how superannuation insurance claims work, and what to expect if you’re considering making one. What Is a Superannuation Insurance Claim? In simple terms, it is insurance cover that is automatically bundled with many Australian superannuation funds. Its purpose is pure and simple: to provide financial security if you’re unable to work. Because the premiums are paid from your super balance, it is a form of protection many employees don...