Dollar Saver Tip #27
Save: $60
Tip overview:
You could be paying too much for your insurance within your super.
James here, Finder's insurance editor and sometimes insurance hack specialist.
How does a $60 saving per year sound for less than 10 minutes of life admin?
Depending on your situation, you could bag a quick saving by reviewing the insurance in your super.
My colleague just did this for their income protection.
They logged on to their super fund account and saw they'd been placed on a 'blue collar' work rating.
A few clicks later, my desk buddy moved across to 'white collar'.
They scored a lower premium because office-based jobs pose less of an injury risk than manual work.
Did you know?
There's a difference of $682.91* per year between the most and least expensive income protection insurance policies.
This money-saving tip only applies if:
- You have a 'white-collar' work rating as agreed by your insurance provider
- You're over 25 – in most cases, your super fund won't automatically give you cover under this age
- You have a super balance of more than $6k
- You haven't already cancelled your default insurance cover.
No, we're not talking huge sums of cash. A 35-year-old could save around $5 per month – or $60 per year – by making this switch to their insurance.
But that extra $5 per month in your super can boost your retirement savings by several thousands of dollars later on.
Plus, no one wants to pay any extra than they need to for insurance.
If you're keen on income protection cover but don't want to dip into your super to pay for it, you can review direct policies on Finder.
