I've got life insurance through the insurance arm of the bank I'm with, it was bundled as part of my mortgage. It covers things like paying out my mortgage in case of death, loss of income etc.
When I start my family I will be looking more specifically at different life insurances, just to cover all bases.
We saw a financial planner at the ANZ and he put me with ING. I am covered for life and trauma, just not income protection as I have no income at the moment. DH is keeping his within the super fund as we cannot afford to have it separate at the moment.
I know that Commonwealth Bank financial planners can give you quotes on CommInsure, AXA and MLC insurance. It will probably take more than a few weeks to get your life insurance put in place and you may need to have a medical and further testing if necessary. Insurance through superannuation is good if you don't have the extra money to pay the premiums as it is generally cheaper and the premiums come out of your superannuation funds, however there can be restrictions with this, expecially if you take out total and permanent disability insurance, also trauma insurance is not available through super. My advice would be to get onto it as soon as possible
melbel - the fact that your premiums are being deducted from your superannuation is cheaper but in this down market it is reducing your superannuation funds even further.
angelpunks - sounds like you have loan protection insurance which is usually sold when you take out a home loan. Have you been to see a financial planner? It is generally heaps cheaper to take out a life insurance policy instead as the premiums are cheaper and you can be covered for more than your loan amount.
I know all of this because i work in the industry and have done a diploma in financial planning
Thanks so much, everyone. I may get in contact with Westpac (our bank) and see what they can suggest too - had better get going on that ASAP! I really appreciate all of your input
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