ACT residents are being warned to check they aren't paying for a life insurance policy they don't need, with new research revealing Canberrans are "some of the most clueless in Australia" when it comes to superannuation fees.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
About 27 per cent of Canberrans have no idea whether they're paying for life insurance through their super or not, according to a finder.com.au survey.
A further 15 per cent never had life insurance through superannuation, while 6 per cent had opted out.
Insurance expert Bessie Hassan said scores of people in the capital were probably forking out for something they didn't want, while those who weren't covered could be left out of pocket when it came time to claim.
"It's not hard to accidentally opt in to life insurance when you sign up to a super fund, so double-check whether you're paying for something you don't need," Ms Hassan said.
"This research shows that over one in four ACT superannuation members are in the dark about where their account fees are going,"
In this respect, she described Canberrans as "some of the most clueless in Australia".
Anyone who didn't know what their fees were going towards should contact their super fund or check their most recent statement, Ms Hassan said.
Despite the confusion, Canberrans who did have cover were found to be the most likely in Australia to be thankful for the peace of mind it gave them.
