SMSF Insurance

[vc_row fullwidth=”true”][vc_column][mk_page_title_box page_title=”SMSF INSURANCE” section_height=”300″ bg_image=”https://www.mysmsfproperty.com.au/wp-content/uploads/2017/03/finance-piggy-lpee.jpg” bg_position=”center top” bg_stretch=”true” overlay=”rgba(10,10,10,0.2)” bg_effects=”parallax” font_size=”42″ font_color=”#ffffff” font_weight=”400″ underline=”false” padding=”0″ sub_font_size=”24″ sub_font_color=”rgba(255,255,255,0.51)” el_class=”title”][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1495619374205{padding-top: 70px !important;padding-bottom: 20px !important;background-color: #ffffff !important;}”][vc_column width=”1/12″][/vc_column][vc_column width=”5/12″][mk_fancy_title color=”#545454″ size=”32″ font_weight=”400″ font_family=”none” align=”center”]WHAT TO CONSIDER WHEN LOOKING INTO
SMSF INSURANCE[/mk_fancy_title][vc_column_text]Setting up an SMSF comes with many benefits and some risks. As property is considered an illiquid investment, (hard to sell) holding life insurance can be a great way of managing this risk to your SMSF.
The decision many new SMSF members face, is whether to maintain the insurance that they hold within a retail, industry or employer default fund or if applying for new insurance via their SMSF is a better option.[/vc_column_text][/vc_column][vc_column width=”5/12″ css=”.vc_custom_1495612020341{padding-right: 20px !important;padding-left: 20px !important;}”][vc_column_text]


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COMPARE THE BENEFITS OF INDIVIDUAL VS CORPORATE TRUSTEE SETUPS

[/vc_column_text][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row][mk_page_section video_loop=”false” video_color_mask=”#f7f7f7″ video_opacity=”1″ sidebar=”sidebar-1″][vc_column][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”26″ font_weight=”400″ margin_top=”46″ font_family=”none” align=”center”]COMPARE SMSF INSURANCE PROVIDERS[/mk_fancy_title][vc_row_inner attached=”true” column_padding=”1″ css=”.vc_custom_1495612572991{padding-bottom: 30px !important;}”][vc_column_inner width=”1/3″ css=”.vc_custom_1495611822363{padding-top: 5px !important;padding-bottom: 5px !important;background-color: #4c83c3 !important;border-radius: 5px !important;}”][mk_icon_box2 icon_size=”64″ icon=”mk-moon-tv” icon_color=”#ffffff” title=”DIRECT – TV” title_size=”24″ title_weight=”normal” title_color=”#ffffff” title_top_padding=”0″ description_color=”#ffffff”]No Medical Check
Expensive
Does Not Pay Out
Many Complaints[/mk_icon_box2][/vc_column_inner][vc_column_inner width=”1/3″ css=”.vc_custom_1495611837896{padding-top: 5px !important;padding-bottom: 5px !important;background-color: #4c83c4 !important;border-radius: 5px !important;}”][mk_icon_box2 icon_size=”64″ icon=”mk-icon-life-buoy” icon_color=”#ffffff” title=”MYSMSF” title_size=”24″ title_color=”#ffffff” title_top_padding=”0″ description_color=”#ffffff”]Individual Advice
Claims Assistance
Benefit Structuring
Medically Assessed[/mk_icon_box2][/vc_column_inner][vc_column_inner width=”1/3″ css=”.vc_custom_1495611852963{padding-top: 5px !important;padding-bottom: 5px !important;background-color: #4c83c3 !important;border-radius: 5px !important;}”][mk_icon_box2 icon_size=”64″ icon=”mk-icon-desktop” icon_color=”#ffffff” title=”Online ” title_size=”24″ title_color=”#ffffff” title_top_padding=”0″ description_color=”#ffffff”]Compares Price & Providers
Gets Expensive to Hold
No Service
Limited Advice[/mk_icon_box2][/vc_column_inner][/vc_row_inner][/vc_column][/mk_page_section][vc_row css=”.vc_custom_1495612639074{padding-top: 20px !important;}”][vc_column][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”26″ font_weight=”400″ margin_top=”25″ font_family=”none” align=”center”]COMPARISON TABLE[/mk_fancy_title][/vc_column][/vc_row][vc_row css=”.vc_custom_1495617599756{padding-bottom: 30px !important;}”][vc_column][mk_table]

RETAIL / INDUSTRY OR GROUP INSURANCE SMSF INSURANCE
[mk_font_icons icon=”mk-moon-checkmark” color=”#4c82c3″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ ] Cheap [mk_font_icons icon=”mk-moon-checkmark” color=”#4c82c3″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ ] Life & Tpd* insurance is 100% tax deductible
[mk_font_icons icon=”mk-moon-checkmark” color=”#4c82c3″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ ]Easy to obtain – No medical checks required [mk_font_icons icon=”mk-moon-checkmark” color=”#4c82c3″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ ] More comprehensive but requires medical assessment
[mk_font_icons icon=”mk-moon-close” color=”#f44336″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ ] Not as comprehensive as standalone insurance [mk_font_icons icon=”mk-moon-checkmark” color=”#4c82c3″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ ] Fewer barriers to access benefits
[mk_font_icons icon=”mk-moon-close” color=”#f44336″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ ] Barriers to access benefits [mk_font_icons icon=”mk-moon-close” color=”#f44336″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ ] Approximately 10% -30% higher in cost
[mk_font_icons icon=”mk-moon-close” color=”#f44336″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ ] Insurance premiums are not tax deductible

[/mk_table][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1495618783463{padding-bottom: 40px !important;background-color: #f7f7f7 !important;}”][vc_column width=”1/12″][/vc_column][vc_column width=”10/12″][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”26″ font_weight=”400″ margin_top=”46″ margin_bottom=”10″ font_family=”none” align=”center”]TYPES OF INSURANCE COVER[/mk_fancy_title][mk_tab_slider autoplay_time=”27744″ button_size=”18″ button_color=”#4c83c3″ tabs=”4886, 4885, 4884, 3875″][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”26″ font_weight=”400″ margin_top=”46″ font_family=”none” align=”center”]THE PROBLEMS WITH SUPER INSURANCE COVER [/mk_fancy_title][vc_column_text]
The first hurdle is getting paid on your super insurance policy when held in a retail/industry fund. This may be subject to a medical assessment at the time of claim and in most instances, a claim once paid, cannot be accessed by the insured, as a condition of release such as reaching pension age of 60, must be met for the release of insurance proceeds for TPD and Salary continuance policies, which are held in a super fund. Where TPD cover is concerned, there may be tax consequences if the claim is before age 50 and or even under age 60.
Some things to consider with insurance policy structuring:

  • Benefit periods can vary from 2 years to age 65 for life or accident cover
  • Waiting periods (the time before a claim is paid) can range from 14, 30 or 90 days to even longer
  • Calculating cover amounts can get complicated based on cost and benefit
  • Claims benefits can be escalated in line with inflation
  • Your occupation determines your premium and some companies exclude some occupations altogether
  • Policy definitions can vary greatly between companies especially the definitions of “total disability” and the differences between “own occupation” and “any occupation” and “Indemnity” vs “Agreed Value”
  • Premiums can be “Stepped” “Level” or “Optimum”

[/vc_column_text][/vc_column][vc_column width=”1/2″ css=”.vc_custom_1495618345492{padding-top: 20px !important;}”][vc_single_image image=”11593″ img_size=”full” alignment=”center”][/vc_column][/vc_row][vc_row css=”.vc_custom_1495620035714{padding-bottom: 20px !important;}”][vc_column][mk_mini_callout title=”TIP”]Most of these policies can be funded from a SMSF, but buyer beware that funding policies held outside or inside of super using super contributions can dilute your super savings which can be detrimental to wealth creation and property acquisition strategies.[/mk_mini_callout][/vc_column][/vc_row][vc_row fullwidth=”true” fullwidth_content=”false” css=”.vc_custom_1495620044781{background-color: #f7f7f7 !important;}”][vc_column][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”26″ line_height=”80″ font_weight=”400″ margin_top=”46″ font_family=”none” align=”center”]THE SOLUTIONS[/mk_fancy_title][vc_row_inner css=”.vc_custom_1495620260486{padding-bottom: 25px !important;}”][vc_column_inner width=”1/2″ css=”.vc_custom_1495620543118{padding-right: 35px !important;}”][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”20″ line_height=”85″ font_weight=”400″ margin_top=”10″ margin_bottom=”0″ font_family=”none”]OPTION ONE[/mk_fancy_title][mk_divider style=”thin_solid” divider_width=”custom_width” custom_width=”70″ align=”left” thin_single_color=”#4c83c3″ thickness=”3″ margin_top=”0″ margin_bottom=”35″][vc_column_text]Sally is setting up an SMSF and has $150,000 life and TPD in two super funds. She has decided to rollover all her super and obtain insurance through her SMSF. If something happens to her she is aware that she will have NO insurance during this period.However she applies for her new insurance via her SMSF, while she is setting up her SMSF, before her super rolls over from her retail fund. This will leave no gap in coverage and when her new insurance is approved she can complete the rollover of her super thereby ceasing the cover automatically.[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″ css=”.vc_custom_1495620553929{padding-right: 35px !important;}”][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”20″ line_height=”85″ font_weight=”400″ margin_top=”10″ margin_bottom=”0″ font_family=”none”]OPTION TWO[/mk_fancy_title][mk_divider style=”thin_solid” divider_width=”custom_width” custom_width=”70″ align=”left” thin_single_color=”#4c83c3″ thickness=”3″ margin_top=”0″ margin_bottom=”35″][vc_column_text]John has $400,000 of life and TPD insurance in his retail super fund, and he has a 2 year salary continuance benefit policy with a 90 day waiting period. John decides to maintain all the insurance held within his employer nominated super fund, by leaving $2,000 to maintain these policies till he obtains new cover in his SMSF.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row fullwidth=”true” fullwidth_content=”false” css=”.vc_custom_1492593028471{padding-top: 40px !important;padding-bottom: 30px !important;background-color: #4c82c3 !important;}” id=”contact”][vc_column width=”1/12″][/vc_column][vc_column width=”10/12″][mk_fancy_title color=”#ffffff” size=”45″ font_weight=”400″ txt_transform=”uppercase” margin_bottom=”0″ font_family=”none” align=”center” el_class=”topbanner”]FREE CONSULTATION[/mk_fancy_title][mk_fancy_title tag_name=”h3″ color=”rgba(255,255,255,0.5)” size=”20″ font_weight=”300″ txt_transform=”none” margin_bottom=”5″ font_family=”Montserrat” font_type=”google” align=”center”]We’ll call you right back.[/mk_fancy_title]

Step 1 of 9

11%
  • Application Setup

    We just need a little bit of information from about your application so that we can streamline the process for you.
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