Get Your Life Insurance in SMSF
You can get your term life insurance in SMSF and then it is all taken care of in one. The government understand the average Australian family cannot afford life insurance and has also made 9% of your wage compulsory to a superannuation fund that cannot be touched until you are over the age of 65, however – you can pay for a few things with your super through the self managed superannuation fund loophole. You can pay for life insurance and also purchase investments which is very handy.
We had a situation with my sister in law where she was unable to work for a long time and although she wasn’t insured through her super, we were given plenty of good advice on making the most of her dodgy income protection from another company.
I considered that going above and beyond and even though at the time our local Brisbane insurance broker only looked after our self managed super fund insurance, we decided then that they were the people we wanted on our side should things ever go wrong. Having our income protection and life insurance setup in SMSF has made us feel much more comfortable, especially in light of this experience.