I Like this You Talk Question . See Below. Rodney asks: I’d like to take out extra life insurance. What are the pros and cons of buying it in or outside super? Hi Rodney, It’s great to hear you are thinking of topping up your life insurance. You or another person can take out insurance…
Different insurance terms like TPD plans, Income Insurance plans and Trauma Insurance plans (also known as Critical Insurance) fall under Life Insurance. The tax benefits and other benefits you get out of the plan type you choose may depend on several factors. In Australia, tax are determined on insurance policy type and on some taken…
You have already insured your home and your car. Don’t you think it’s high time you consider insuring yourself and your ability to earn income too? You see, sickness and accident can happen to anyone, anywhere, and at any time. And the less prepared you are for the worst thing that may happen, the more…
Do you want to buy a policy on top of your life insurance? If yes, then you better know your options to determine which one best suits your needs. You can always consult an insurance broker to provide you with this information, or better yet read on this article to find out what are the…
Notifications of higher premiums of as much as 50% for cover through superannuation are being sent to members. From June 29, about 2 million AustralianSuper members will have to endure 40% higher death and total disability premiums and 25% increase on income protection cover. TAL Australia’s Jim Minto said the increase is a result of…
Legislative changes confuse 500,000 insured Australians using self-managed superannuation fund. Still, huge growth in SMSF retirement savings continues. Hence, TAL’s David Glen said clients and advisers must work together to determine what would provide best for life insurance needs: SMSF, retail superannuation or outside superannuation. Thorough knowledge on SMSF use in investment and tax…
With the many advantages associated with SMSF, the same can’t be said in the event of death especially at a time most unexpected. In most cases, the death benefit comes from a portion that has to be sold to pay the surviving spouse. Recently, where death and property purchase inside SMSFs are concerned, values…
With the move of the legislative to preserve the best interest duties of financial advisers beginning July 1, 2013, it’s no longer enough for these advisers to recommend holding life insurance in super based on funding efficiency alone. However, according to Martin Breckon, the technical services manager at IOOF Holdings Ltd, some issues have to…
Self-Managed Superannuation Funds represent the fastest growing segment within Superannuation – the average SMSF now has $964,000 in assets. People are choosing SMSF for the following key reasons Having control over there Super Investments and their own retirement destiny Flexibility and investment choices Ability to purchase property and even borrow under some circumstances Able to…
Recently, more men in Australia are being diagnosed with prostate cancer, said to be the primary cause of cancers. Reportedly, it was the reason for about 30% of tumours in 2006. This is likely the result of prostate specific antigen (PSA) testing in asymptomatic men. Normal and abnormal tissues produce PSA that increases with the…