Recommend a really good super fund?

Does such a thing exist?

I recently found out my current one has been charging ripping me off $200 p/a for 80k of life insurance that I never wanted or remember agreed to. Then they wouln't cancel it without a signed snail mail form.

Trying to find a good industry super that's open to anyone (or engineering/mining).

Easy to deal with online (not post/fax, hate posting stuff)

Anyone?

Hi KBD,

I think that you will find that there is some new legislation that states that a super fund has to provide a certain amount of life insurance. The best part about it is it is tax free. If you were to get life insurance outside of your super then you would be using your income that is taxed. Where as if it is getting paid through your super fund it is untaxed. So you are getting a better deal than if you were to pay for it out of your taxed earnings.

If you have the time and inclination and enough funds to get one started, a self manged fund may be a better option. Around the $250,000 to $300,000 is a reasonable starting point. If not an SMSF, look for a platform that allows you to choose your own investments.

Or forget about super and use a Family Trust arrangement where you channel any excess cash to it as a loan from yourself, whilst making sure that you retire any debt you have as quickly as possible.

Trouble with a lot of the low cost industry funds, like all things, you get what you pay for and you have not much choice within and very little scope for any ongoing advice for any particular needs - any extras will cost.

Also be aware that you may have no clear idea about what your money is invested in and how the assets within are valued, whereby the actual (market) value of the fund and its returns may somewhat different to what has been reported, given the lack of ongoing re-pricing of the assets within. Private Equity, property and infrastructure assets are some of the main culprits in this.

Thanks guys, Australian super it is then, with "no insurance thanks" specified up front. Looks like I can sign up online & get them to roll in my other 2 online which is a bonus.

Diver - I don't have enough for SMSF, or even a trust at this point. My super history has been patchy - had 15 accounts at one stage. Plenty of low wage work, overseas work periods, etc. Is growing now though but if I retired today I'd be broke tomorrow.

Just joined Australian Super - 10/10 so far. Very easy online form, no postage required, and they gave the option to untick boxes and opt out of insurance.

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kiteboy dave said..
Does such a thing exist?

I recently found out my current one has been charging ripping me off $200 p/a for 80k of life insurance that I never wanted or remember agreed to. Then they wouln't cancel it without a signed snail mail form.

Trying to find a good industry super that's open to anyone (or engineering/mining).

Easy to deal with online (not post/fax, hate posting stuff)

Anyone?

They all bloody do that, remove the insurance and a couple months later it's back again.
I remember I removed all insurance from my super and then I broke my back, I was off work for 4 months and went back way too soon bcos I needed $, then I checked my super and I had Income Protection Insurance $30 a month... f@ckers wouldn't give me anything bcos I went back to work and didn't apply for it before the 90 days since the accident.

Anyway REST usually wins Money Mags best Super... and they're fairly ez to deal with online, you can change your investment strategy frequently... as usual I went the safe route (cash/bonds) while the stock market and property shot up.

I can recommend NOT going with MLC.

They simply don't answer any enquiries. Very frustrating.

I was with a major fund for a long time that was supposed to provide great returns, it was a portfolio based fund that allowed you to choose the investment types for conservative through to agressive returns. They would always recommend investments that were linked to them or gave them the best commissions. Their insurance premiums were also through the roof and simply eroded my super contributions.

They would keep saying I didn't have enough insurance cover when I had $500k death and disabilaity plus the balance of my super. I am over 50 with almost no debt. My wife has a non life threatening chronic condition so they would not insure her but they suggested I increase my coverage to $1.5m not sure how that was supposed to help as I cant make a claim if she was to die, their reaction, "oh yeah". At one stage their recommended insurance coverage had an annual premium of $10k.... That was when I left....

I have recently changed to CBUS who's performance has smashed the other over the last 10 year average. Their insurance premiums are about 25% of the previous provider.

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worrier said..
CBUS. for sure

yes they have done well over the years .