This can be an exciting time in your life – for instance, you might be buying a new home, getting married or starting a family.
As you embark on this new adventure, here are a few useful things to think about.
If you have super in more than one fund, one of the easiest ways to give your super savings a boost – and take a positive step towards your family’s financial wellbeing for the future – is to consider bringing all your accounts together. Keeping your super spread across a range of accounts can make it harder to keep track of over the long term and more importantly, it probably means you’re paying more fees than you need to be.
Getting the right financial advice for your situation can make a big difference, regardless of what stage of life you’re at. It can help give you more confidence that your planning is on track for the future, or if it’s not on track, it can help you put strategies in place to help improve your outcomes.
Financial advice can also help you set and work towards your financial goals, make the most of your money, feel more in control of your finances and your life, avoid expensive mistakes and protect your assets. Find out more.
It’s not likely to be a time when you consider something happening to you, but your super is likely to be one of your biggest assets so it’s important to ensure it ends up in the right hands in the event of the unexpected. A simple way to do this is to nominate a beneficiary for your super account, because super doesn’t automatically form part of your Will if you have one.
Once you make a valid nomination, we must pay your death benefit to the person or people, or your estate, that you’ve nominated. If something happens to you and we don’t have a beneficiary nominated, we have discretion to decide which of your beneficiaries receives your super.
Expanding your family can have an effect on your financial commitments, which makes it an important time to reconsider your insurance needs – how well would those commitments be protected if something happened to you?
For example, you may want peace of mind that your family will have some financial security if you’re unable to work because of injury or illness. Or if you’re buying a home or property, an insurance benefit may help reduce some outstanding mortgage or other debts if something happens to you.
Because we know that life events are often the times when people need to adjust their insurance cover, one of the features we offer to Accumulate Plus members is our life events cover option. With this option, you may be eligible to increase existing cover when you experience certain life events, such as getting married, buying a home or having children, without having to provide additional medical evidence.