Nearly all of us have some level of cover as part of our super so it's worth checking with your super fund(s) to see what cover you have in place.

The level of cover automatically provided to super fund members is set at a minimum level and is unlikely to be exactly what you and your family need.

It may be quite easy to adjust your level of cover so that it is more appropriate for your needs. To do this you will need to contact your super fund directly.

If you have more than one super fund and have Life Insurance, Total and Permanent Disability Insurance or Income Protection Insurance with each of them, it might be worth thinking about consolidating the funds into one. It's worth looking at the investment performance of the fund, the fees charged and of course the level and type of insurance benefits you have available before making any decision about which super fund to consolidate the other funds in to. You may wish to seek professional financial advice to help you with this decision.

• Speak to a professional financial planner.

Benefits of life insurance through super:

• The premiums you pay are deducted from your super contributions which means you are paying for your cover before tax.
  
  
• Because the super fund is buying cover for all members you are receiving the benefit of scale – and the premiums you pay for the cover you receive are normally cheaper than the rate you could get outside super.
  
  
• Most super funds offer members cover up to a certain level without the need for underwriting – this is called the 'automatic acceptance level' or AAL and this will vary from one fund to another.

Things to be aware of regarding life insurance through super:

• Because the premiums you pay are deducted from your super contributions, unless you increase the amount you invest, they will reduce the amount you are saving towards your retirement.
  
  
• Not all types of insurance are available from super funds. Funds typically offer members access to Life Insurance cover and Total and Permanent Disability Insurance. Fewer funds offer their members access to Income Protection Insurance and Trauma Insurance can not be purchased through super.
  
  
• Super funds may have different rules on how they allocate any insurance claim payouts to your beneficiaries and have different tax obligations on payments.

Top tips for contacting your super fund:

• Who can I talk to?

• Speak to a financial planner

• Talk to an insurance company directly