SMSF Life Insurance
Group Life Insurance through your Superannuation Fund
Our cost effective SMSF group life insurance policy offers you a range of fundamental life insurance options which have been specifically designed to be held through your SMSF in an economical, tax-efficient structure.
We understand that everyone’s needs are different, so we created a smart, flexible SMSF group life insurance plan which can be customised for each of your members. When you take out your policy each member will be asked to make a separate application, choosing the insurance options which meet their individual requirements.
To make the application and underwriting process as quick and simple as possible, each member will only need to provide information relevant to type and amount of cover they choose to take out. SMSF members must be aged between 15 and 64 to participate in your life insurance plan, and each member’s cover will expire when they reach age 80, or if they decide to leave the SMSF for any reason.
Death cover is the most widely recognised and popular form of life insurance. It exists to give you peace of mind that your family will be financially secure if something happens to you. Whether or not you are the primary earner within your family, losing you could have a dramatic impact on their financial future. Death cover allows you to be sure that your hopes and plans for them will not die with you, and that they won’t have to leave your family home or worry about money after you are gone.
A lump sum death cover payment can be used to pay off your debts, finance your children’s education or provide an ongoing income. If you are diagnosed with a terminal illness you can make an advance claim on your death cover, to pay for medical costs and make your final months as comfortable as possible.
Death cover is a mandatory element of our insurance plan and a minimum of $50,000 must be taken out by each participating member. There is no limit to the amount of life insurance your members can apply for, and they have the option to increase their level of cover without providing additional medical information at important ‘life stages’, such as marriage or the birth of a child.
If you have existing life insurance held elsewhere, it may be possible to take out SMSF Insurance Master Trust cover via you SMSF without forgoing your current benefit periods or waiting periods with our great Takeover Terms. More information on transitioning your current underwriting terms to SMSF Insurance Master Trust here.