When it comes to financial security, most of us spend time comparing home loans, monitoring interest rates, and looking at investment opportunities. Yet one area that is often overlooked is personal insurance – the very thing designed to protect your income, your family, and your lifestyle if the unexpected happens.

At Simplify Finance, we see too many people assume the cover they have inside their superannuation is “enough.” The truth is, while super funds often provide a base level of insurance, it may not give you the right type or amount of protection for your circumstances. That is why it is so important to review and compare your options regularly.

What Insurance Typically Sits Inside Super

Most super funds automatically include some level of:

  • Life Insurance (Death cover) – a lump sum to your beneficiaries if you pass away.

  • Total and Permanent Disability (TPD) – a payout if you are permanently unable to work due to illness or injury.

  • Income Protection – partial replacement of your income if you cannot work for a period due to illness or injury (although this is not always included).

While these can provide a safety net, they often come with limitations such as:

  • Cover amounts that may be too low to meet your actual needs.

  • Policy definitions that can be restrictive when making a claim.

  • Premiums that erode your super balance over time.

Why You Should Review Your Cover Outside Super

Personalised cover outside of super can give you more flexibility and control. For example:

  • Tailored cover amounts based on your income, debts, and family needs.

  • Better definitions and benefits, particularly with income protection policies.

  • Choice of features such as agreed value vs indemnity, or shorter waiting periods.

Outside-super policies can be structured to work alongside your superannuation, ensuring you are covered comprehensively without paying for unnecessary duplication.

Key Questions to Ask When Reviewing Your Insurance

  1. Do I have enough cover to pay off debts and support my family if I cannot work?

  2. Am I relying solely on default insurance through my super?

  3. Are my premiums eroding my super balance faster than expected?

  4. Would I benefit from a tailored policy outside super with more flexibility?

The Bottom Line

Insurance is not something you “set and forget.” Life circumstances change – new home, growing family, business ventures, or changes to income – and your cover should reflect that.

At Simplify Finance, we work with trusted insurance specialists to help you review your current cover, compare options inside and outside super, and make sure you are protected where it matters most.

👉 If it has been more than a year since you last reviewed your insurance, now is the time to act. Get in touch with us to book a complimentary insurance review and safeguard your financial future.