Group Life Insurance Cover available to Individual Self-Managed Super Funds
SMSFinsurance.com.au offers group life insurance cover to SMSF Trustee's, through an SMSF Master trust online.
Group insurance, as it is known, is effectively wholesale cover that offered to large groups of people, such as large employer groups or superannuation funds with lots of members. The advantage of wholesale cover is generally cheaper rates from the insurer, so the premiums offered will often be considerably less than similar cover through other channels. Through the SMSF Master Trust, SMSFInsurance.com.au is able to offer group life insurance cover to individual self-managed super funds even though they only contain on average 2 members.
At SMSFinsurance.com.au you can only buy life insurance online, which keeps costs to a minimum and means that the savings are passed to the end consumer. Unfortunately this means you can't buy life insurance over the phone, but we have all the information you need right here on the website.
Life insurance in Australia is primarily sold through large group schemes such those available through Retail or Industry superannuation funds, or through independent financial advisers (known as "retail"). As a trustee or member of an SMSF, you may not be able to access group cover through a large super fund unless you have a separate account set up with them. Now, with SMSFinsurance.com.au you can access group cover directly through your SMSF.
Applications are handled completely online, and take only a few minutes to complete.