Yes we are serious. Do you have Zombie insurance included in your Super? Most people have insurances included as part of their Super. This can include a range of insurances such as Life Insurance, Income Protection Insurance, and Total and Permanent Disability Insurance.
These additional insurances, (like Income Protection), can often only be claimed through one policy.
What does this mean?
It means that you are paying premiums for insurance that will never pay out.
That’s what we call Zombie Insurance.
The Productivity Commission reported that $2 billion is being spent annually on duplicate Life Insurance policies. Yes! You read that right. $2 billion! The same amount that Chadstone Shopping Centre announced in annual sales. It’s a haunting amount which is impacting people without them even realising.
"While many members are getting aff
ordable life insurance through their super, some end up with cover that is manifestly unsuitable, including 'zombie' insurance policies they can't even claim on. And many unknowingly have duplicate insurance policies, which can erode their super balances at retirement by over $50,000,” commissioner Angela MacRae said.
From 2016-2017 alone, $1.9 billion in excess insurance premiums were shelled out, making multiple insurance premiums paid due to unintended multiple superannuation accounts the leading contributor of balance erosion.
The Commission’s Report flags income protection as a distinct and problematic area.
This is because Members who are not working cannot claim, as they do not have an income to offset. This is information that is not clearly disclosed, and many Members are being left in the dark as a consequence.
What’s more is that having multiple income protection covers restricts the ability to claim because payments from one policy reduce eligibility to claim against another, and total payments cannot exceed a set proportion of pre-existing income.
It’s important to understand that what you have included and what you need included in your Superannuation Policy may be two completely different things.
Be aware.
Be prepared.
Be proactive, and talk to the experts.
It’s time to stop spending money on unnecessary Zombie Insurance, and have the team at Partners In Planning review your situation obligation free.
The offer is valid for all chocolate moneyour clients. Zombies not included.
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