I am planning to take life insurance of around 500k.
Just wanted to ask community if they have any experience with HCF Vs AIA Vs NobleOak?
There are no productreviews of HCF but it seems like a good option, however it costs around $54 per month compared to $26 of Noble Oak.
Hoping for you guys to share some experience.
I’ve often wondered if you can just open a second superfund and get the basic cover x 2. It is much cheaper than bumping up a single superfunds cover.
I'm certain there'd be some caveat about if any other insurance is in place then this one is nullified etc.
Yes, you can. I've left my previous super accounts open (instead of consolidating) for the very propose of avoiding the whole underwriting process. Just let your "previous" fund know you want to keep your insurance if you're going to cease contributions and there are enough funds to maintain the payment of premiums. Also, it's better to do this with employer default funds rather than joining retail policies because the employer default funds usually offer a higher amount of insurance (without underwriting).
Yeh but as above always unclear if one invalidates the other, or only one can pay out etc, and then bitch about it with each other. I don’t see why you can’t but you know what insurance companies are like
@Donaldhump: For Death, TPD and trauma policies, they pay out as many current policies as you hold. There's no limit.
However, for income protection/SCI/TTD, they can pay out a total combined maximum of 75% (plus super). So there's no point holding multiple policies unless it's to make up the difference of one, with another, to the maximum.
@bobbified: Cool, handy 2 have a second super and just change ur sacrifice with your employer every 6 months
Even better toggle every 2nd financial year for clean accounting
@bobbified: Why ain’t all of australia doing this, seems a smart move if you don’t mind more insurance premiums. The admin fee is negligee
@Donaldhump: The admin fee is negligible at the moment, but there's a lot of articles out there urging people to consolidate their super because the small admin fee you're paying now misses out on compounding interest over a period of decades resulting in a huge "loss" on your overall retirement benefit.
The insurance premiums are usually cheaper under an employer-sponsored plan because it's priced for people of a similar occupation and given a group discount. They generally have higher automatic acceptance limits too. The admin fee can vary between employer and retail.
When you leave employment, some funds will force members out of the employer-sponsored plan and into the retail section. So to get cheaper insurance and save on admin costs, people generally roll their previous fund into their new employer one. Not many people actually put insurance as a high priority.
You should have insurance through your super already, have you checked that? Most life insurance companies are based on the fact that people don't realise they already have cover in their super.
You're not covered automatically any more, it gets cancelled if there are no contributions and you don't explicitly opt-in.
I am aware but they have to notify you.
It's probably cheaper to get life insurance through your superannuation (preferably an industry super). Because everyone has a basic set of insurance to begin with when they get a super account, it means your policy would be subsidised.
Get a quote from your superfund and then maybe also get professional financial advice.