SMSF Basics – Insurance in Self-Managed Super Funds (SMSFs) – for Life, TPD, Assets and Trustee Liability

Insurance in Self-Managed Super Funds

Insurance in Self-Managed Super Funds

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.”

Get our FREE Expert Guide – Self-Managed Super and You – it has all the info you need to know, with bonus TIPS and CHECKLISTS  to determine if SMSF is for you and what steps are needed to set up, as well as how to get your SMSF set up FREE . It also gives you ALL the Aust Tax Office publications about SMSF (NAT XXXX). Get you copy now – click “Download” top right hand side above. You’ll also get monthly SMSF news, investment teaching and upcoming seminar and workshop briefs! Download your FREE Guide now!


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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