Should I get life insurance through my superannuation or buy a retail policy?

Both options have distinct advantages and disadvantages for Australians. Life insurance through superannuation is often cheaper because super funds negotiate group rates, premiums are paid from pre-tax super contributions (not affecting your take-home pay), and you typically get automatic acceptance without health checks for default coverage amounts. However, super life insurance has significant limitations: coverage amounts are usually lower, it reduces your retirement savings as premiums erode your super balance, policies typically expire at age 65-70 (not age 99 like retail policies), coverage isn't portable if you change super funds, beneficiary control may be limited by trustee discretion, and you cannot guarantee renewability if the super fund changes insurers. Retail life insurance policies offer higher coverage amounts, customisable features tailored to your needs, guaranteed renewability to age 99, direct control over beneficiaries, portability between jobs, and potentially better definitions for TPD and trauma cover. However, retail policies are typically more expensive, require medical underwriting, and premiums must be paid from after-tax income. ASIC's MoneySmart recommends many Australians combine both approaches: maintain basic coverage through super for cost-effectiveness, and supplement with a retail policy for adequate, comprehensive protection. This hybrid approach balances cost and coverage. Consult a licensed financial adviser to determine the best structure for your circumstances, considering your age, health, coverage needs, and financial goals.