Are you paying the right insurance premium in your super?

Your insurance premium in super is typically dependent upon your age, you gender, your occupation and your smoking status.

And if this is set up wrong, you can be paying far too much for insurance.

Let’s look at CBUS.  They don’t differentiate between gender and smoking status from what I can see.  So firstly, if you are a non-smoking female you are subsidising smoking males.

Their highest risk category has insurance at $2.79 per $1,000 of life insurance per annum at age 45 and their lowest is $1.81 per $1,000 of life insurance per annum.  If you are in the wrong classification, you could be overpaying your insurance by 54%.

Now if I look at Hostplus, a 45 year old male construction worker can get insurance at $1.76 per $1,000 of life insurance per annum.  Which is actually cheaper than CBUS.  The same age, white collar male office worker would pay just $1.04 per $1,000 of life insurance per annum and a female just $0.62.

You can see the impact if you have you occupation and other criteria wrong.

Make that phone call to your superfund and clarify what basis they are charging you insurance premiums.

If you are on the right basis, great.  If not change it and start saving money.

If you want more tips and ideas of how to improve the health of your wealth and get off the treadmill of working till you drop, why not join my meetup group and get notice of my upcoming live and free events.  Simply click below.

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Do you and your family a favour and start taking steps so you can improve the health of Your Wealth and get off the treadmill of working till you drop.

Wayne Wanders

The Wealth Navigator

wayne@thewealthnavigator.com.au

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