I never thought it would happen to me
08 Apr 2024 4 min readSharn’s story
4 July 2019 is a date NGS member Sharn will never forget. It was the day she was told that she had aggressive breast cancer. At the time, Sharn was a 44-year-old teacher who loved her job. With a family history of breast cancer, she was diligent with attending regular mammograms. The irony in this case, however, is that Sharn’s diagnosis was not connected to her family history. Receiving the news was a moment that turned her and her family’s world upside down. With limited sick and long service leave available, there was immediate concern about what would happen when that ran out.
“I never thought it would happen to me. But it was happening. In all the stress, it was a relief to know that I would be covered with income protection insurance that is part of my superannuation package,’ said Sharn. ‘The cover enabled me to be financially supported through not only treatment but also recovery.’
Over three years, Sharn had 4 surgeries relating to her cancer diagnosis, 12 rounds of chemo and 25 rounds of daily radiation in addition to other treatments and medications that resulted in having to stop work for a period of time.
When Sharn eventually returned to work part-time, her income protection continued to 'top up’ her salary. Today, Sharn has returned to work full-time (four and a half years after diagnosis).
“It was a hard time. It’s a hard no one wants to experience. But I'm so grateful that I had the opportunity to heal while not having to worry about paying the mortgage or putting food on the table. I'm still on drugs to keep my cancer at bay, but I'm alive. Whenever someone asks me whether having income protection is worth it, I always say - absolutely.”
What’s the benefit of insurance?
No one plans to have health problems or injuries, but of course, it can happen to any of us. While it’s impossible to predict what will happen in life, we can prepare. One of the best ways to do this is to protect yourself with insurance.
After joining NGS Super, most members will have the opportunity to opt in to receive a default level of insurance cover or wait until they become eligible to receive this cover automatically. Choosing to be insured can provide you with a safety net for life’s most challenging times.
In 2022, NGS’s insurance partner TAL paid 90.7% of claims to NGS Super members to help them continue their lives while recovering from injury or managing illness. Of these claims, 25% were cancer-related, and 77% of claims were paid income protection insurance.
Source: TAL Life Limited
* Insurance cover is provided through and subject to the terms and conditions of group policies issued by TAL to the trustee of NGS Super.
Types of insurance available through NGS
- Life insurance can provide a lump sum if you die or become terminally ill. You need to nominate the beneficiaries of your super account so it’s clear who the lump sum should go to.
- Total and Permanent Disablement (TPD) cover can provide a lump sum payment if you’re permanently unable to work due to illness or injury.
- Income Protection can provide you with a regular income if you become too sick or injured to work.
Benefits of insurance through super
One of the biggest hurdles in getting insurance can be the cost. Insurance through super can help mitigate that, as your insurance premiums are automatically deducted from your super account. This means your take-home pay isn’t reduced. Insurance through super is also often cheaper than outside super, thanks to economies of scale.
You should consider the level of insurance you may need and the impact of premium deductions on your retirement savings in super. If you’re unsure about whether insurance through super is right for you, consider speaking to a financial planner.
Get financial guidance with NGS Super
If you would like to explore your options, why not chat to one of our NGS Super Specialists?
Talking with a Super Specialist is free, and they can answer your questions about insurance and other areas, including superannuation and planning for retirement. They can also help you decide the next steps – including if meeting with an NGS financial planner is right for you.
Our financial planners can create strategies that aim to maximise your financial position and meet your goals for the future, which can include protecting your lifestyle and assets through personal insurance.
Financial advice is a way to plan for your future, mitigate risk and make the most of your saving opportunities. Educating yourself about your finances will not only help with the planning process — it will also increase your confidence and help you to make good decisions about your super and your future.
The information provided is general information only and does not take into account your personal objectives, financial situation or needs. Before acting on this information or making an investment decision, you should consider your personal circumstances and read our Product Disclosure Statement and Target Market Determinations for more information. You should also consider obtaining financial, taxation and/or legal advice which is tailored to your personal circumstances before making a decision. Call us on 1300 133 177 if you would like to speak with us further, or you can discuss matters with one of our NGS Super Specialists, or an NGS Financial Planner.
