[Eviesmum]

The NAB advisor just did a plan for us and I can't believe the size of the insurance premium for hubbys life insurance. IT is $350 a month! THat is with MLC

I am sure it is good cover but we can't afford that much even if it comes out of super it is taking up half the employer contribution.

We can halve the benefit which would just cover the mortgage and keep income protection which would help but I wondered is this the best way to do things? Should I insure outside of super?

Can anyone recommend their insurance provider or give me any information ?

Thanks

[PurpleNess]

All i can say is that it's bloody expensive. Both DH & I have Life & TPD and DH has income protection, cost us nealry $500 a month. I've thought about ditching it but there is always the what ifs & the peace of mind now we have a young son is worth it.
We are with OnePath.

[Madnesscraves]

your superannuation should have life insurance attached to it. most of them do. it's a bit cheaper too.

[Eviesmum]

FYI

DH
1 million life
500 TDP
4k per month income protect
$300 per month premium

Me
500k life
500k TDP
2k per month income protect
$220 per month premium

OUCH it is MLC

There must be better alternatives

[PurpleNess]

Super won't get you the cover you have described here, not even close.

[aprilrain]

I would advise - ring an independant broker - not one that is tied into selling their own companies products. They then do a report for you and have to justify why they think certain policies are best for you.

I hyperventilate when I think about our premiums!!!

[Cat©]

We have about the same as you, DH pays $180 a month for his (has sep. life and TPD and income protection.) I think his life is only $700k though. His are level premiums thoguh so dotn go up as such (except CPI).

Mine is $600 a year. same amounts as you. I have no income protecition though, and my TPD is only $300k.

We go through Ben Irons at Xlife. My ins is with Commbank, Dh is with AXA and one other cant recall who though.

This post has been edited by Cat©: 12/11/2012, 05:24 PM

[Allie_D]

Ours is through our financial planner at the Commonwealth bank (colonial first state). Both DH and I have Life insurance, income protection and TPD. Its around the amounts you said your quote was.

It's not cheap, but for us it means piece of mind because we run our own business.

As the planner pointed out, the coverage that came standard with our super from when we were employed did not come anywhere near to what we would actually need.

ETA- and we also both have trauma insurance.

This post has been edited by Allie_D: 12/11/2012, 05:28 PM

[qak]

You could cut out or reduce the TPD cover, because you will be getting the income protection payments .it means you would not get the lump sum if you had a event ...

[crayons]

wow with MLC
i pay: $19/mnth for 1mil life
DH pays: $26/mnth for 1mil life

so I don't have TPD or inc protect at the moment though and this is paid through my SMSF

Have you looked at what you are covered for in terms of life in your superfund currently? they may be able to offer you a better deal and let you increase the coverage. Then you can look at funding the inc protect outside of super. Also look at the waiting times for receiving the inc protect that were quoted extending those times as much as you could afford can bring the premiums down.