From insurance to banking services, different super funds can offer different benefits that you can take advantage of right away. You just have to ask!
Funds can offer more than just super
The most well-known of these benefits is insurance. Many funds offer life insurance, total and permanent disability, and income protection. Super funds work with insurance companies to provide their members (that includes you) with insurance at a very low cost. In some cases, your fund could provide you with life insurance for as low as $50 dollars a month.
However, depending on your super fund, the amount of insurance you're covered for could be quite low. There can also be limitations to your coverage, such as how quickly you can access your claim, or the period of time you're covered for. So it’s important to understand exactly what your insurance covers.
Banking, financial advice, and health services
Beyond insurance, some funds will partner with other organisations to provide you with additional services that you can use right now, like banking services, financial advice, and health services.
Just remember to ask your super fund what else they can do for you, because there could be additional benefits you're entitled to.
You might also want to ask your super fund where your money is being invested, especially if investing ethically is important to you. For example, some super funds invest in renewable energies, businesses that have a good human rights record, or promote sustainability.
Ethical investments are offered by super funds in investment options or products.
What can't you do with your superannuation ?
Generally speaking, you can't access your super before the age of 60. You also can't borrow money from your superannuation. Not even a little bit.
So, these are some of the extra things to consider when you're choosing a super fund or investment option. Do you feel supercharged about your super now? Check out the next unit for how you can add more money to your super to help it grow faster.