What is the right level of cover?
What is the right level of cover?
The amount and type of cover that’s right for you will depend on your circumstances.
Here are some considerations to get you started.
Time – What do you earn now and how long would you and your loved ones need financial assistance if something were to happen to you?
To repay debts and maintain current living standards following the death of a partner, Rice Warner Actuaries estimate that a couple in their 40s with children need cover for at least 10 years of income for the higher-earning partner.*
Debts - Do you have a mortgage or other debts that would still need to be paid if something happened to you?
Dependants - Do you have children or other dependants? Have you factored in education, additional childcare that may be required if something were to happen to you?
Spouse – If you have a spouse, have you looked at their insurance arrangements? Even if your spouse is not currently working, would you need to cover additional costs (eg childcare) or future earnings if something were to happen to them? While people who are not working may not eligible for certain types of cover through VicSuper, it may be worth investigating some options if this applies to you.
Our financial planners can help you consider your insurance needs through VicSuper. Most of the time, this can be done quickly over the phone at no additional cost.
The amount and type of cover that’s right for you will depend on your circumstances.
Here are some considerations to get you started.
Time – What do you earn now and how long would you and your loved ones need financial assistance if something were to happen to you?
To repay debts and maintain current living standards following the death of a partner, Rice Warner Actuaries estimate that a couple in their 40s with children need cover for at least 10 years of income for the higher-earning partner.*
Debts - Do you have a mortgage or other debts that would still need to be paid if something happened to you?
Dependants - Do you have children or other dependants? Have you factored in education, additional childcare that may be required if something were to happen to you?
Spouse – If you have a spouse, have you looked at their insurance arrangements? Even if your spouse is not currently working, would you need to cover additional costs (eg childcare) or future earnings if something were to happen to them? While people who are not working may not eligible for certain types of cover through VicSuper, it may be worth investigating some options if this applies to you.
Our financial planners can help you consider your insurance needs through VicSuper. Most of the time, this can be done quickly over the phone at no additional cost.