Should I take our Family Protection through my Superannuation?

Using your superannuation to pay for your Family Cover can be a good way to help you afford the cover you need, without eating into your budget. You also have the opportunity to make before-tax contributions to super to pay for your Hayat Protection (e.g. through salary sacrifice), which may help reduce the amount of tax you pay.

What are the disadvantages of taking out Family Protection through super?

If you don’t make additional super contributions to pay your Hayat Protection premiums, your retirement savings will reduce. Also, there are different rules around Family Protection policies owned through super that may make benefit payments less tax-effective for your beneficiaries.

This is a general guide only. Readers should consult a taxation adviser for their personal circumstances.