It is good to keep in mind insurance when you have a self-managed super fund as it is not automatic like most major industry and retail funds offer by default. Get quotes for Life Insurance and Total and Permanent Disability (TPD) insurances – granted they will not be as cost-effective as the major funds charge (they have buying power for 1000’s of members). But shop around and see what is on offer.
James Frost, in The Australian, page 28, 11 Aug has other worthy considerations in ‘Self Super Insurance’ – He writes – “What it does: Provides a range of insurance products tailored to meet the needs of self-managed super funds. Underinsurance is a chronic problem in Australia and SMSFs are no different. Self Super Insurance offers a range of specialist insurance products for SMSFs, including trustee liability insurance, property insurance, life insurance and art and collectables insurance. Costs: The cost varies by product. Trustee liability and audit cover will cost about $170. The costs for collectables can vary depending on the value and also whether they are stored at home or in a more secure location, such as an art gallery or bank vault.”
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