MLC Super & Insurance - Life, TPD, Income, Trauma - Thoughts?

I've had this MLC Super and Insurance - Life, TPD, Income, Trauma setup for best part of 10 years, and overall seen around a 6.5% return nett of fees and charges, which seems very low (yes, we had the GFC early on which saw negative returns, but it should be higher than that I would think). Currently paying around $2,300 in fees to advisor and MLC per year. I pay Trauma out of pocket, the rest out of Super fund.

Just started new job recently and decided to go down the industry super fund route after reading from Scott Pape, so went with HostPlus balanced index fund.

All the insurances I have with MLC (well, NAB sold 80% to Nippon Life recently), but feel like the premiums just keep on increasing by a massive % each year. MLC said only 5% increase to Trauma, Life and TPG and 1.9% increase to Income since last year, this on top of some base 5% rate, but my premium increased like 21%, and can't get any straight answers from broker why the discrepancy, so thinking of switching and going direct to Super Fund.

Any suggestions to worthwhile insurance for Life, TPD, Income and Trauma? I'm 41 years old, single, no dependants.

 

Do some shopping around for your TPD insurance, keep it outside of super (you will have control rather than your super fund administrator if you come to claim on it).

 

Consider a broker for your personal insurances? There sre other threads in this section about insurance through super vs outside super.

 

I’m thinking of pulling the pin on some of our policies. One is 640 a month to insure 36k a year.

 

1. Why do you have life insurance if you are single and have no dependants?
2. Why do you have truma outside super but not income protection? IP is tax deductible is it is outside super.

IP is loss making business to insurance companies. They make their money on other products. If you turn the table around, maybe, IP is a good one to buy

 

My brother passed away when I was a teenager and had life insurance which helped my parents. I have it for same reasons. Good points on the insurance. Noted.

 

When I reviewed my IP insurance recently, it was cheaper it bundle trauma and IP together than buying both individually. I'm not sure if this is across the board, just my narrow experience.

 

So IP outside super is tax deductable ?

And Trauma too?

Any reasonable providers?

 

I'm not a tax or insurance expect. I'mI not licensed to provide any advice either.
IP outside super is tax deductible but not Trauma.
I'm biased towards TAL. They are the largest life providers backed by a company larger than our whole mining industry!
IP business is a loss making product.
I wouldn't go with a loss making company even if they are cheap.