Started reading our adult childrens' superannuation benefits over the last 2 weeks as daughter was coming to visit, son and daughter aren't overly interested in reading and understanding super and the benefits and I must admit at their age I didn't understand super and when I asked my Mum she didn't understand either.
Anyway daughter does have adequate IP Income Protection, Death and TPD Total Permanent Disability Cover via her 2 super funds at the current time.
[Financial Planners may say to combine the 2 supers to save admin costs but the older super fund has performed extremely well and the newer super fund I am not so sure of yet].
The point of this thread is that when I read our son's super benefits he did not have IP although he could apply for IP inside super and have a cover of 85% of his wages after waiting 60 days and cover would allow up to maximum of 2 years IP.
Emailed son for him to persue IP inside OR outside of super, his reply was short and sweet. "not really interested in IP".
50 cents a week.
Upon further reading I found that he would pay a fee of .24 cents for each $500 of wages cover per week, so if he paid .48 cents per week he was covered for $1000 per week in wages although he would only be paid 85% of his wage say $850 per week for 22 months.
About this time the saying - You can lead a horse to water but you can't make it drink came to mind.
Email was fired off to son during the week but he has been too busy to talk. This is the same son who's Christmas present last year from us was travel insurance not because he couldn't afford to pay his own travel insurance he just couldn't see the risk or need for travel insurance.
Upon reading more about our son's super I found out son could increase his Death and TPD by 100% of current cover if he filled out a form to say he was a white collar worker and did less than 10% light manual work, which he does.
May pay to read up on your own super online or your kids super if they will let you.
Kind Regards
Sheryn
BTW
A retired friend rang to tell us he was sent a flyer with his super to say he could get a 12% discount if he used HCF as a health fund. So he rang up and saved himself $38 per month that is an extra coffee out for he and his wife every week.
Comparing health funds is my next project.
Anyway daughter does have adequate IP Income Protection, Death and TPD Total Permanent Disability Cover via her 2 super funds at the current time.
[Financial Planners may say to combine the 2 supers to save admin costs but the older super fund has performed extremely well and the newer super fund I am not so sure of yet].
The point of this thread is that when I read our son's super benefits he did not have IP although he could apply for IP inside super and have a cover of 85% of his wages after waiting 60 days and cover would allow up to maximum of 2 years IP.
Emailed son for him to persue IP inside OR outside of super, his reply was short and sweet. "not really interested in IP".
50 cents a week.
Upon further reading I found that he would pay a fee of .24 cents for each $500 of wages cover per week, so if he paid .48 cents per week he was covered for $1000 per week in wages although he would only be paid 85% of his wage say $850 per week for 22 months.
About this time the saying - You can lead a horse to water but you can't make it drink came to mind.
Email was fired off to son during the week but he has been too busy to talk. This is the same son who's Christmas present last year from us was travel insurance not because he couldn't afford to pay his own travel insurance he just couldn't see the risk or need for travel insurance.
Upon reading more about our son's super I found out son could increase his Death and TPD by 100% of current cover if he filled out a form to say he was a white collar worker and did less than 10% light manual work, which he does.
May pay to read up on your own super online or your kids super if they will let you.
Kind Regards
Sheryn
BTW
A retired friend rang to tell us he was sent a flyer with his super to say he could get a 12% discount if he used HCF as a health fund. So he rang up and saved himself $38 per month that is an extra coffee out for he and his wife every week.
Comparing health funds is my next project.