Serious injury or illness can have an enormous impact on your life and that of your family. Not only is it physically and emotionally stressful, it often leads to financial stress as well.
One of the best things you can do is to make sure you have appropriate insurance to ease the pressure if the unthinkable happens.
Most superannuation funds offer insurance for total and permanent disability or income loss. Super Guru has more information on insurance within super here. You can also try the ASFA Insurance Needs calculator to work out whether you need to review your current level of cover.
Early access to super
There are certain conditions under which superannuation can be accessed before you reach preservation age, such as to pay for medical treatment and in the event of permanent incapacity or terminal illness.
Transition to retirement
If you have reached preservation age (most commonly 55) but have not retired, you may be able to convert some of your super savings into a pension. This may be an option in the event of illness or injury or requiring you to work fewer hours. Talk to your super fund if you would like to investigate this option further.
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