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4 Ways to save money on life cover this EOFY

From tax deductions to increasing your cover, spend less and get more this EOFY

EOFY is nearly here, which means it’s time to take action on your life insurance. Don’t miss out on these opportunities to save money and maximise your cover before June 30!

Consolidate your superannuation accounts. Last EOFY, the ATO reported that there were over 6.2 million lost or unclaimed super accounts*. That’s $17.5 billion that is going unclaimed.

Find out if you’ve got any lost super accounts by setting up a MyGov account and link to the ATO. By rolling your super accounts into one, you’ll save on fees and simplify any life cover you hold in super.

Many of our customers don’t know this, but life insurance in super isn’t locked in. Typically you are able to adjust your level of cover directly with your superannuation fund, but with the help of an adviser at Life Insurance Comparison, you can choose to take out cover with a different insurer as well as change the amount you’re covered for. You can even take out insurance that will pay a benefit if you become permanently disabled and are permanently unable to work.

Here’s How You Do It:

Step 1: Select your current age below.
Step 2: Once you answer a few questions, you will have the opportunity to compare quotes from up to 10 of Australia’s largest insurers. You may also be entitled to a free consultation.

Once you checked whether you can consolidate your super accounts, the next step is to review your life insurance and see if you’re paying for cover you may not need. If you have multiple superannuation accounts, you may be paying for multiple life insurance policies.

Having fewer policies can be easier to manage, and more cost effective too. You may, for example, find that paying for two separate term life cover policies for $200,000 is more expensive than one policy for $400,000.

Maximise your tax deductions. Many people don’t realise that income protection cover outside of superannuation is 100% tax deductible. There are a lot of factors involved, but this means you may be able to save money just by changing the way you hold your income protection cover.

Visit Life Insurance Comparison to compare prices on tax-deductible income protection cover before EOFY. If you take out income protection cover outside of super before July 1 you can claim your premiums as a deduction on your tax return this year.

Finally, you may want to look at increasing your sum insured. Our advisers have found that having slightly more life cover could actually cost you less. For example, a term life insurance policy for $500,000 will have lower premiums than a policy with for $450,000 of cover!

If you want to review your life insurance this EOFY, these are the four areas you might want to consider:

  • Consolidate your superannuation accounts
  • Get rid of life cover you may not need
  • Take advantage of tax-deductible income protection cover
  • Consider increasing your life cover to save money

These are the kinds of insider tips that you can take advantage of when you use Life Insurance Comparison. Working with an insurance adviser can help you save money and time, while boosting your peace of mind that your family finances are well protected.

The clock is ticking, so don’t wait any longer! Visit Life Insurance Comparison to get your life cover savings underway.

*https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Multiple-super-accounts-data/

Get Started Now:

Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

LifeInsuranceComparison.com.au's online quote comparison tool makes it easy to get quotes from 9 Australia's biggest life insurers

Click Here To Get Started