Be careful. I lost almost $2000 only in 5 months after joining life insurance from CBA Essential Super.
After 3 days since I moved 100% into Cash Deposit option, today I still see a huge drop, almost $800. Actually I don't know what CBA Essential Super is doing with my super money.
I notice that I lost almost $2000 only in 5 months for the life insurance from CBA Essential Super. I choose the amount of insurance cover of $200,000 and paid $19.83 monthly. It covers Death and Total Permanent Disability (TPD). But only after 5 months I lost too much.
Before I used HostPlus to keep my su...per money but after 1 year I lost all of my money. It turns out it charged me something called investments and insurance without my knowing. Then I switched to Essential Super of CBA and immediately canceled the default option of insurance it selects for me. Then I see I din't loose any money until I joined this ridiculous life insurance from Essential Super. On their website, it clearly shows only $19.83 per month but behind the scene it charges me a lot without my knowing. So I guess there must some hidden investments after joining this life insurance and they don't want the customers to know it. I've just canceled this insurance and hope my super money still the same. Actually, when I called CBA Essential Super and they said that it's because of the Coronavirus which makes the investment in my super getting down. They also said the investment option is a MUST and I cannot cancel that option :(.
Questions & Answers
How can i contacts you guys
Hi iam with CBA group super fund. Is life insurance automatically included in my super. Thanks
From memory It isn't and the fees are ridiculous for what would be considered a very limited cover (400k is the maximum I think for essential super). Your better off paying for an alternative provider to cover your life insurance. I would suggest shopping around and finding another provider that offers TPD/Death cover as well as income protection.
I would like to talk to someone about transferring my super from rest to your fund
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