| How do you buy a policy? | Contact online or over the phone directly | Cover is often included automatically in a super account | Policy is set up by your advisor |
| The application process | Automatic acceptance is likely but you may need to do a medical as part of the underwriting process | Acceptance is guaranteed based on shared terms | You'll need to go through a detailed medical and lifestyle questionnaire |
| Level of cover | Decided by you | Automatically set by the group policy | Decided by you and your advisor |
| Cost | Costs vary widely and buying direct doesn't always mean the lowest price | Often a cheaper option as policies are bought in bulk | Not necessarily cheaper but you may get access to exclusive deals |
| How are premiums paid? | Paid by you directly | Payments are taken from your super balance | Paid by you directly |
| Choosing your beneficiaries | You nominate your beneficiaries with the insurer when you take out a policy | You'll have to get in contact with your super fund to add or edit your preferred beneficiary | You decide on and nominate your beneficiaries, usually after a detailed assessment with your advisor |
| Tax treatment | Premiums are not tax-deductible but claims are tax-free (excluding income protection) | Some tax benefits and concessions apply depending on type of fund | Premiums are not tax-deductible but claims are tax-free (excluding income protection) |
