Dangers of superannuation rollover for insurance cover

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Transcription

Announce: It’s 96.5 and it is a Wednesday evening, so we catch up with one of my favourite people, Helen Baker. Evening, Helen.

Helen: Evening, how are you doing?

Announcer: Good, thank you. Now there’s some advertising going around at the moment about superannuation and rolling it over to different things. You’ve got the lowdown on that for us.

Helen: Yeah, this is one of the things, like you tell your child, don’t put your hand on the stove because it’s hot and you might get burnt. So what happens in —

Announcer: Oh.

Helen: — yeah, danger, danger. So what happens inside superannuation, there can be insurance policies in there which could be life insurance, total and permanent disablement insurance, income protection type policy. And when you rollover a superannuation fund to another one, usually that insurance is lost. So if you cannot get insurance that you need inside the other policy, then it’s gone.

Announcer: Right.

Helen: So that’s the first problem. But the other part too to seek advice about is which policies are actually the best ones to hold. If they have similar policies, they might have different definitions and so it’s really worth checking out, because when it comes to insurance, the devil is in the details as they would say.

Announcer: Oh right.

Helen: So yeah, just be careful because there’s a lot of things that are being mailed out to people at the moment. And there’s a lot of things being advertised around, so people are just not aware and that’s quite a concern for me really.

Announcer: Okay, alright, so the whole mum mode is totally coming from you and try and protect everyone. Now if people want to find out more, Helen, where do they need to go?

Helen: If they try www.OnYourOwnTwoFeet.com.au.

Announcer: Brilliant, Helen, well we will be taking all that into account this evening. Thank you very much for warning us of the danger. We will catch up with you next week .

Helen: Look forward to it, thanks Becs, bye!