This can be an exciting time in your life – you might be buying a new home, getting married or starting a family.
Here are a few things that you might find useful to think about at this time of your life.
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 kind of financial advice 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 some strategies and goals in place to improve your outcomes.
Financial advice can also help you set and achieve 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.
It’s not likely to be a time when you want to think about the possibility of 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 if something did happen to you. 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, this means 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 house, 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 change their insurance cover, one of the features of cover for 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 your home or having children, without having to provide additional medical evidence.
Watch the above video to see how a financial adviser can help you plan for your long term financial future and that of your loved ones.
This calculator will help you to work out your income if you're taking time off work to have a baby or care for a child. (Source: ASIC MoneySmart)
Tips to minimise the impact on your super for stay-at-home mums and dads. (Source: CommBank blog)
It's your life and your money. Here are some money tips to help you when facing big financial or life decisions. (Source: ASIC MoneySmart)
If you have questions about contributions or insurance cover related to your super in our fund, you may want to talk with our Advice team over the phone. There is generally no additional cost to you to use this service.