The right waiting and benefit periods balance how much cover you need against what you can afford. A longer waiting period or shorter benefit period lowers the premium, but you'll need savings or leave to fall back on.

In this short video, McKern financial adviser Kristian Tangan explains how they work through this with clients: calculate the cover needed, look at the premiums, consider funding part of it through super, then have a 'trade-off' conversation about which cover matters most if the budget doesn't stretch to everything.

In this video

0:08 What factors should you consider?

0:45 Different strategies

General information only, not personal advice.