Best of the Best 2024: Best-Value Insurance in Super
Virgin Money Super has been named Money's Best-Value Insurance in Super as part of the Best of the Best awards.
Life has a habit of dishing up curve balls, and insurance in super is designed to assist you and your family financially, if the unexpected happens.
The premiums for cover come out of your retirement savings, making it important to look for value - and that's where Virgin Money Super tops the leaderboard.
"At Virgin Money Super, we believe it's important to protect and grow your retirement savings, and protect your ability to contribute to your savings, which is why insurance is an important part of our offering," says Christopher Sozou, general manager of Virgin Money Super.
Virgin Money Super has cemented its position as one of Australia's fastest-growing superannuation funds.
It achieved 24% growth in funds under management in the 2023 financial year and passed the $1 billion benchmark in total funds under management for the first time in July 2023.
Explaining how Virgin Money Super is able to offer great value on insurance, Sozou says: "Through our partnership with Mercer, we are able to use our collective size and scale to negotiate the best possible insurance premiums with our insurer, Zurich. Our commitment to offering competitive pricing reduces the risk of the potential erosion of your super balance over time".
As Sozou points out, the ability to fund insurance coverage through super, without affecting take-home pay, enables Australians to enjoy more financial freedom in the face of increasing living costs.
"Our customers also like the convenience of receiving our automatic insurance cover without needing to apply or provide health and medical checks," he adds.
Bear in mind that insurance in super is not tailored to each member's situation. That makes it a good idea to check you have sufficient cover, especially after major life events such as buying a home or starting a family. If it turns out you need more protection, Sozou says Virgin Money
Super members can choose to tailor their level of cover to meet their personal circumstances. An uptick in insurance will see the premiums rise, but Sozou notes: "The beauty of having insurance in super is that it is paid for by your super rather than your take-home pay".
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