There’s a good chance you have already got cover and it’s important to find out what insurance you might already have. In doing so you may discover that you are already well covered or you might find out you have too much cover. What’s important is getting the right cover.

Here are two simple steps you can take:

1.     Check your super fund
Most Australians have at least one super fund and, by law, super fund trustees must provide a minimum level of automatic insurance cover for members. Premiums are normally deducted from your super contributions.

The first step you should take therefore is to check with your super fund(s) and see what cover you may have in place. But remember the level of cover automatically provided to members is unlikely to be exactly what you and your family need. Don’t worry though, it may be quite easy to adjust your level of cover so that it is more appropriate for your needs.

If you have more than one super fund and have life insurance with each of them, it might be worth thinking about consolidating the funds into one. It’s a good idea to look 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.

If you think you have lost a super account, the Australian Taxation Office (www.ato.gov.au/superseeker) can help you find you lost super.

2.     Check with your employer
Some employers have insurance in place for all of their staff, either through their super fund or through a separate stand alone insurance scheme. This means that your second step should be to talk to your employer about whether they have any insurance in place.

This is fast becoming a popular employment benefit offered by employers.

Because these insurance arrangements are specifically designed for employees you may also find you are covered by total and permanent disability insurance, income protection and even trauma insurance, in addition to Life Insurance cover.