You’ll probably have a minimum level of life insurance cover through your superannuation fund but it’s important to check if it’s the right level of cover for your family. This is because the amount of life insurance provided through your super fund doesn’t take into consideration your lifestyle, debts and dependents. You may be able to bump up your cover or explore getting additional cover outside your superannuation to cover these factors. The Australian Government has requirements for what your employer contributes in super, but there’s no minimum level of life insurance cover and this varies between superannuation funds. That’s why it’s important to look into what you’re getting. Avoid being underinsured and find a policy that suits your life.
If you’re after more information, contact your superannuation provider or you may want to chat to a financial advisor and find out how much cover you’ll need.