Unlike some Aussies, I actually knew that I had insurance tied to my superannuation fund. I had TPD (Total Permanent Disability), Income Protection and Life Insurance all coming out as weekly premiums from my fund.
But like a LOT of Aussies tend to do… I kinda forgot about it, and hadn’t bothered to review or update my insurance coverage in a long time.
When I got independent superannuation advice from Super Fierce, I found out that I wasn’t in the best super fund for my needs and circumstances, and that a better option was available to me (which would get me an extra $167,000 in my pocket for retirement).
The trouble was, when it came to switching my super, it wouldn’t be that straight-forward… because of my insurance.
Why my switch was not a straight-forward process
Talking to Gemma Mitchell, the Financial Advisor at Super Fierce, I discovered that a total rollover of my super would not be the best move to make, because I have pre-existing medical conditions.
But here’s the thing – a lot of Aussies will have pre-existing medical conditions that can impact their insurance that is attached to their superannuation.
Everything from catching Covid, getting arthritis (which we all pretty much end up with as adults), asthma, dermatological conditions, sports injuries, mental health issues, disease or illness that runs in your family… your insurance can be impacted by a lot.
Worst still, not all funds treat all medical conditions the same way, so you won’t know for certain if you will have issues with switching your fund until you do a deep dive into the particulars. A couple of new diagnosis in 2022 (that have zero impact on the way I live my life) meant that the income protection I once had with my old superannuation fund couldn’t be increased.
But, neither would it be wise to get rid of my existing insurance coverage, because any new insurance would likely not cover me for the new conditions I had been diagnosed with.
Is your head hurting? Same.
The Super Fierce difference
Fortunately, the team at Super Fierce were able to successfully do a partial-rollover of my superannuation into a lower-cost, higher-performing fund, while keeping my existing insurance coverage at my old fund, and making appropriate recommendations to the coverage I would get with my new fund.
They do this for their clients for a ridiculously low fee of $365. A total bargain for peace of mind.
Super Fierce also directed me to one of their partners, Skye Wealth, for independent insurance advice for my circumstances. They were able to help me fill the coverage gaps that I wouldn’t be able to get from my superannuation funds.
Don’t risk it with insurance
It’s so easy to think you can just take care of your finances by yourself, especially with something like superannuation. But if it weren’t for Super Fierce, I would have made a huge mistake and lost valuable insurance coverage.
My biggest piece of advice when it comes to your superannuation – go to the experts at Super Fierce for advice. You’ll walk away with confidence and in a better financial position than if you were to go at it alone.
Their team have decades of experience and expertise behind them, and they’re dedicated to your financial freedom. You’ve got nothing to lose with the team at Super Fierce… but you might lose more than you bargained for if you don’t listen to their advice.