Tradies fail to nail life insurance
want them, but I would look at it the other way – they should purchase insurance because clearly it’s in their best interests to have it.”
Mr Wotherspoon said the biggest asset for many workers – particularly early to midcareer – was their future income. “People insure their tools and their cars, and when their biggest asset is their ability to earn an income, they should make sure they’re covered.”
Life insurance as well as total and permanent disability insurance (TPD) can be bought inside super to lower your outof-pocket costs, but advisers generally recommend buying income protection outside super because premiums are tax-deductible.
If cash flow is a problem, income protection can also be purchased inside super.
NobleOak’s Mr Brown said people should check ASIC’s moneysmart.gov.au site to learn about how life insurance works, and could compare premiums and policy details on sites such as canstar.com.au.