SMSF Life Insurance

For members of self managed superannuation funds (SMSF), there are lots of good reasons to take out term life insurance under the umbrella of your superannuation fund.

The removal of reasonable benefit limits has also made it possible to insure for larger amounts without incurring the wrath of the taxman's penalty taxes.

Premiums can be paid with pre-tax money and the premiums are generally tax deductible.

But while the opportunities are obvious, there is also a minefield of regulatory requirements imposed by the Superannuation Industry Supervision Act (SIS). When considering SMSF life insurance or any other type of SMSF insurance (trauma cover, TPD insurance, income protection, etc), it is imperative that you speak with an insurance professional.

In 2006, less than a quarter of SMSF members had life cover as part of their policy (Investment and Financial Services Association report, Feb 2006). This reflects the general under-insurance levels in the Australian community. With the generous tax incentives available, more SMSF members should consider having life insurance within their superannuation structure.

Fill out the 1300 Life Insurance quote form below and we will be in touch to discuss your SMSF term life insurance needs. With many Australians chronically under-insured, now is a great time to take advantage of tax-smart life insurance cover that takes the future into account.