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Anonymous2012-01-23 5:27
Protecting what's important - insurance through super
To help Australians save for their retirement, the Government has implemented a number of tax concessions for super. As a result, holding some of your life insurance inside super can be a tax-effective way to get the cover you need.
How does it work?
Life insurance - usually death and total and permanent disability (TPD) cover – is held inside your super account, and your super contributions pay your premiums instead of purchasing a stand alone insurance policy where premiums are paid for from your after tax income.
By using super contributions, you’re effectively paying your premiums using pre-tax money.
How does insurance through super benefit you?
You may not have to find extra money to pay your premiums because these can be paid from your super fund account balance.
Tax concessions apply for most premiums paid.
Given the savings, you may be able to top up any stand-alone insurance policies (those you hold outside of super) and increase your overall coverage.
Your qualifying dependants can receive unlimited tax-free lump sum payments if you, the insured, pass away.
Premiums via group super plans can be cheaper because the super fund is buying the insurance ‘in bulk’.
If you join through an employer plan, you may be eligible to receive automatic insurance under the plan's Automatic Acceptance Limit (refer to your insurance guide for more information).
Are there any limitations?
When an insurance policy is held inside super, the super fund is the owner of the policy. That means any benefits are paid to the fund before they’re paid to you or your beneficiaries. This could potentially slow down payment, and add an additional set of criteria you need to meet before the funds are released.
Because insurance premiums are deducted from the balance of your super, it can reduce your long-term retirement savings.
Insurance benefits for policies held outside super are often paid tax-free – regardless of who receives it. The same rules do not necessarily apply for benefits paid via a super fund. For example, if a beneficiary is a not a dependant for tax purposes, a death benefit may taxed at up to 31.5%.
To find out more about this option talk to your adviser or read our helpful fact sheet.