030: Sorting out life insurance

Find out how much life insurance cover you need and what to do if you need to get some more.

This episode talks about how to find out how much cover you already have, how to estimate how much cover you need and how to get the best deal on insurance if you need to make some changes.

How to set up life insurance

Mia and Dinah discuss:

• four key types of insurance: Life Insurance, Total & Permanent Disability, Trauma Cover, and Income Protection Insurance
• the importance of knowing how much insurance you have both inside and outside of your superannuation
• the importance of updating your “Binding Nomination” regularly if you hold your Insurance inside your Superannuation policy
• recent changes to legislation which could automatically cancel your insurance within superannuation
• how to estimate how much insurance you need including where to find online calculators
• when you might need to contact a FInancial Advisor for more advice.

Life admin high of the week

• Dinah talks about the benefits of using Paypal for online shopping to speed up the checkout process.

Life admin low of the week

• Mia talks about how she has received letters relating to her superannuation that she doesn’t understand and the challenges in understanding the complex language
• Dinah talks about how she has a shared calendar faux pas. 

Life admin resources

• Life Insurance Calculator - Money Smart, Noble Oak

Share

Please head to the Life Admin Life Hacks Facebook, Insta or LinkedIn pages to connect with listeners and share your thoughts, questions or suggestions.