SMSF Income Protection Insurance
Group Life Insurance through your Superannuation Fund
SMSF Income Protection Insurance offers your members the assurance of a regular, ongoing income if they are unable to work due to illness or injury.
We offer up to $30,000 per month of cover under our SMSF group life insurance plan, although this element of your members’ insurance will be held outside of their superannuation as a linked policy, to ensure straightforward access to any benefits they may receive.
Income protection is an optional life insurance element. To qualify for income protection under your policy a member of your SMSF must take out at least $50,000 of death benefit within the SMSF, be aged between 15 and 64, and be in paid employment for at least 15 hours per week.
An SMSF income replacement policy provides a regular monthly payment which you can use to meet your ongoing financial obligations, pay your medical costs or finance a period of rest while you recover from your sickness or accident. Our income protection plans can replace up to 84% of your regular income, including a 9% superannuation contribution, ensuring you can keep up with your mortgage repayments and support your family even while you are unable to work.
A built-in benefit of our income protection cover is our ‘premium waiver’ clause, which means that while you are receiving payments under your income protection policy, you may not be required to pay premiums on your related death cover and TPD insurance.
For additional flexibility we offer a choice of waiting period (30, 60 or 90 days); benefit period (2 years, 5 years or to age 65); and cover levels (‘basic’ or ‘plus’ options). Plus cover offers a comprehensive range of additional benefits including assistance with the cost of travel home, if you fall ill or are injured while overseas; and contributions towards the cost of paying a professional carer or family member to look after you, should you become dependent on full-time care.
Each member of your SMSF can apply for the amount and level of income protection cover which best suits their needs, and select their own waiting and benefit period options.