Challenging Life Insurance for SMSFs

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…

SMSF New Compliance Requirements

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…

Providers to Uplift the Under-insured Sector

Changes are about to happen to many fund members whose cost benefits have been overlooked by SMSFs. Over 20,000 clients under the self-managed superannuation fund (SMSF) who have been under-insured will be offered automatic life coverage of up to $750,000. According to AIA Australia, this is the aim of insurance groups and financial advisers to…

More obligations | Superannuation Funds | Life & Income Protection Insurance

An amendment to the Exposure Draft Superannuation Legislation was released by the government in December 2011. Known as the Exposure Draft Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012, this amendment added a number of covenants to the existing legislation document and increased the scope of obligations for trustees and licensees of superannuation…

Life insurance held within your SMSF | The pros and cons

Self-managed super funds (SMSFs) give people more control over their superannuation, and they can also hold personal insurance policies such as life insurance, total and permanent disability (TPD) insurance, and income protection insurance. There may be several advantages of purchasing life insurance through your SMSF, but there are also some drawbacks you may not have…

Purchasing life insurance – in or out of your SMSF?

Purchasing your insurance through a self-managed super fund (SMSF) may have a number of advantages over having it in your personal name. These include tax deductions on life insurance and total and permanent disability (TPD) insurance as well as improved cash flow due to the fact that your insurance premiums are being paid by your…