Self Managed Super Fund Life Insurance Quotes

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Insurance in your Self Managed Super Fund

If you manage your own Self Managed Super Fund (SMSF), you can have your fund own your life insurances or use the Trustee services provided by each of the insurers.

Most insurance companies have the facility to allow your Fund's Trustees to own the policy. This provides tax deductions to your SMSF.

You still need to complete the standard application forms and medical requirements but this allows you as Trustee to have control over payments at claim time.

Benefits

The benefits of holding life insurance inside a SMSF are:

  • Superannuation contributions made to fund life insurance premiums may attract tax concessions, which often help to reduce the net cost of the contributions required to fund the premiums. As the SMSF trustees are generally able to claim a tax deduction for insurance premiums, taxable superannuation contributions that are used by the fund to pay premiums will generally not attract tax at fund level.
  • Life Insurance Premiums can be paid via tax effective superannuation contributions or they can also be paid using a member's Superannuation Guarantee contributions, fund investment earnings, and/or accumulated member benefits.
  • It's important to remember that any payment of insured benefits from a superannuation fund to a member, or indeed to a member's dependant(s) following the member's death, will be taxed accordingly as superannuation benefits.
  • Depending on the circumstances, this may result in additional tax being paid by the member (if paid on the grounds of permanent incapacity), or additional tax being paid by a member's beneficiary(s) where they are non-dependants for tax purposes following the receipt of a death benefit payment.
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Insurers we work with:

  • AIA
  • AMP
  • Asteron
  • CommInsure
  • Macquarie
  • MLC
  • OnePath
  • TAL
  • Zurich

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