LIFE INSURANCE THROUGH YOUR SMSF
Taking out life insurance through your SMSF is different from taking out Life Insurance as an individual – the fund acts as a mediator between your insurance provider and SMSF members and beneficiaries. It must be noted that some insurance companies do not allow for multiple insurance policies to continue both within the SMSF and outside of it. It is better to ascertain how SMSF and life insurance work before making a move.
LIFE INSURANCE THROUGH YOUR SMSF

LIFE INSURANCE FOR SMSF

SMSF life insurance is the go-to insurance for trustees. SMSF trustees have the duty of care to consider Life Insurance for their members. The Federal Government has estimated only 13% of SMSF members have any kind of Life Insurance cover – exposing an alarming risk to the community. Avoid leaving your SMSF members in the lurch by opting for adequate cover through SMSF insurance. SMSF Life Insurance provides a lump sum payout in the event of the insured's death or terminal illness. Make sure your members and their dependents are able to continue living a comfortable life. SMSF is witnessing a sharp rise in Australia and trustees are directed by law to review the insurance and look after members' insurance needs.

LIFE INSURANCE FOR SMSF

SMSF life insurance is the go-to insurance for trustees. SMSF trustees have the duty of care to consider Life Insurance for their members. The Federal Government has estimated only 13% of SMSF members have any kind of Life Insurance cover – exposing an alarming risk to the community.

Avoid leaving your SMSF members in the lurch by opting for adequate cover through SMSF insurance. SMSF Life Insurance provides a lump sum payout in the event of the insured’s death or terminal illness. Make sure your members and their dependents are able to continue living a comfortable life.

SMSF is witnessing a sharp rise in Australia and trustees are directed by law to review the insurance and look after members’ insurance needs.


FAQs

IS LIFE INSURANCE TAX DEDUCTIBLE IN SMSF?

Always speak with your accountant in relation to tax matters. Generally speaking, life insurance within super can be tax-deductible. The rate is 15%.

CAN SMSF PAY FOR LIFE INSURANCE?

Yes, you can pay for your life insurance premiums using your SMSF balance. In fact, you can generally use any super fund in Australia.

Choosing a policy
If you're unsure how a life insurance policy can be incorporated into your SMSF, Wealth Smart advisers can help with professional advice. Our industry knowledge and expertise will help you find the SMSF life policy that fits in with your insurance strategy. And, before you suffer total permanent disability, speak to us about income protection insurance to secure your future on top of taking out life insurance. With our guidance, you will understand how your cover fits in with your superannuation fund, the tax payable on benefits, and the most competitive prices available. Our industry expertise combined with your research makes it easy to shortlist and finalise life insurance through SMSF providers. We will walk you through all the steps to get you the income protection cover you need to secure your future. Call us at 1800 765 100.
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