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clock Created with Sketch. 07/02/18
23:20
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Originally posted by noddy10
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my son (early 20s) came to me with the paperwork for his employer's super a while back. he wanted to double-check that he was doing the right thing by opting out of the life insurance component. the percentage of the premium against his super contributions was significant and the product was totally unnecessary for a young single person. i'm convinced that the percentage of young people that would have known why and how to opt out of this blatant theft would be less than 1%. he was a student working part-time and making a few hundred dollars a week, so his super contributions would have been around, say $100-$120/month. i think the insurance was $10 or $20/month; easily wiping out any potential gains and ensuring a negative return. I am sure that there are hundreds of thousands of young part time workers who think they're getting super but don't realise they are actually getting robbed.
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It's tough, life insurance I agree but I've had acquaintances become TPD in their early 20's and had to struggle to crowd fund to save one of their lives. Would have been different if they had insurance.
