I cancelled life and disability insurance on Moominmama's superannuation account. Here in Australia there are number of different types of insurance that are tied to your retirement account (health insurance isn't one of them!).
Her job will end in either 1 week (fast track) or 8 weeks (slow track). By law, superannuation funds cancel all insurance if there haven't been any contributions for 16 months. I did not know this till now. The insurance is costing us more than $200 per month. I don't see the point in continuing to pay. Not being a big fan of insurance in general, I probably should have cancelled ages ago.
I think she should take the fast track–quit in one week's time and get a bigger redundancy payout–rather than the slow track, which means working another 7 weeks and getting a smaller payout, but earning salary, superannuation contributions, and leave entitlements during that time. The fast track pays about $1,500 more and you get the interest on getting the redundancy payment earlier. But for unclear reasons she is leaning towards the slow track, even though she essentially has no work to do. I told her she can do this if she wants as $2,500 is not that much money 😂. She did this analysis using Gemini, which produced about the same result as I calculated and argued it said the slow track was better. But that was ignoring tax, which is higher on the slow track. Gemini did include the tax on a separate line and then on the final line gave the net result.
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