...Superannuation

I just got this letter from REST. I haven't worked since august last year.

Dear Miss 44Ronin. (I didn't know I was female :no:)

Following the letter we sent you last year about our new insurance cover which became effective on 5 December 2008, (What letter? :no:)

We are pleased to confirm your insurance details. (I'm bloody well not, you bastards) Your current insurance cover and costs are shown below:

Type/Benefit/Cost per week

Death/ $115,000 / 0.55

Total and Permanent Disablement / $100,000/ 0.20 (Look if I become a vegetable just pull the damn plug to collect BOTH benefits.)

Long Term income protection / Up to 1,110 per month*/ 1.55 (I'm not even working at the moment for this to even apply to me)

* The maximum payable will be 84% of your pre-disablement income, of which %9 will be paid as superannuation to your REST account.

Total Cost per week/ $2.30


I single, 23 and have no plans of dying. Besides that, I have no dependants....so if I die....who needs a big payout?

If I become "Totally and Permanently Disabled"........pull the damn plug and stop me from being a waste of oxygen.

I hate these superannuation mobs. I'm going to call them tommorrow morning and tell them where to go.

Thinking they can steal $2.30 per week from me!

G'day Ronnin. You might want to discuss this with some one before taking such precipitate action.:no:

Part of my Super goes as payment towards an insurance policy that covers pretty much the circumstances you have listed. I'm bloody glad tis is the case.

Over the last few years I have had long periods off work due to depression and coronary artery problems. The weekly income from the insurance has helped us to keep our head above water and continue to enjoy life. Think carefully!!!

Quote:

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Originally Posted by 44Ronin

If I become "Totally and Permanently Disabled"........pull the damn plug and stop me from being a waste of oxygen.

That term doesn't just mean someone who is bedridden and only able to move their eyelids.

It broadly means someone who cannot work continuously, ie someone who is commercially unemployable.

Thinking they can steal $2.30 per week from me!

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Hopefully it is a waste of $2.30 a week and you never need to claim.
An insignificant amount to protect yourself from the unforeseen.

Quote:

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Originally Posted by echnidna

An insignificant amount to protect yourself from the unforeseen.

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Four more years of university study = $478.4 of superannuation 'insurance' fees

You are in high risk time of life, in fact this is the time you need TPD insurance the most.

TPD means something like the loss of an arm and a leg or both arms or both legs, who is going to pay for your ongoing care ?

$500 for 4 years cover, bet that is less than you spend on soft drinks or coffee in a year.

As you get older (and hopefully wiser), you learn that insurance is better to have and not need, than the other way around.

Quote:

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Originally Posted by 44Ronin

I just got this letter from REST. I haven't worked since august last year.

Dear Miss 44Ronin. (I didn't know I was female :no:)

Following the letter we sent you last year about our new insurance cover which became effective on 5 December 2008, (What letter? :no:)

We are pleased to confirm your insurance details. (I'm bloody well not, you bastards) Your current insurance cover and costs are shown below:

Type/Benefit/Cost per week

Death/ $115,000 / 0.55

Total and Permanent Disablement / $100,000/ 0.20 (Look if I become a vegetable just pull the damn plug to collect BOTH benefits.)

Long Term income protection / Up to 1,110 per month*/ 1.55 (I'm not even working at the moment for this to even apply to me)

* The maximum payable will be 84% of your pre-disablement income, of which %9 will be paid as superannuation to your REST account.

Total Cost per week/ $2.30


I single, 23 and have no plans of dying. Besides that, I have no dependants....so if I die....who needs a big payout?

If I become "Totally and Permanently Disabled"........pull the damn plug and stop me from being a waste of oxygen.

I hate these superannuation mobs. I'm going to call them tommorrow morning and tell them where to go.

Thinking they can steal $2.30 per week from me!

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Determining the value of this cover is up to you of course.

and I can see that if you're not working the long term income protection is currently worthless to you ...

BUT if you have no "natural" heir I urge you to make a will, otherwise there's a distinct risk that the benefits and super balance will go to the Government



ian

Check out whether you can get equivalent insurance cheaper elsewhere, if you feel you need it. This type of insurance, taken out of your super by superanuation funds without telling you, is usually way overpriced. That's why they do it without telling you. They are paid a commission out of your money, by the insurance company.

If the insurance is part of a super fund set up then theres a good chance youre using pretax dollars (your super contributions) to pay the premiums...factor this in when comparing cost of alternate insurers.

Income Insurance....also cheaper when paid for with pre tax dollars.

I didnt have life insurance until I was in my late 20's. Im 51 now and dont have life insuance but I do have income protection insurance.

Like any form of insurance its a gamble...you gamble on having to claim while the insurance company gambles that you wont. The final choice is yours.

Cheers Martin

Life and disability insurance cover with industry superannuation funds such as REST is generally as cheap as you can get and not to be confused with that offered under some of the retail funds and older style policies.

If you are not working you can easily opt out of the cover, simply contact REST or go online and you should be able to sort it out.

The disability cover is worth having but if you dont want it it is up to you. These funds are not con jobs, and are set up to provide people with good options, you simply need to take the appropriate action and contact them to sort this matter out.

If you have already tried once and it hasn't worked then try again. Sometimes people are misunderstood, sometimes the wrong button is pushed. However if this has happened because paperwork has not been replied to then perhaps the blame doesn't lie with REST at all.

At the moment if you are not contributing the life cover should cease anyway, so that is what you need to spell out, not working, dont want or cant afford the cover. That should fix things up.