Our Self-Managed Superannuation Life Cover known as SMSF Life is Comprehensive Life Insurance cover for trustees of self managed superannuation funds to consider for members of the fund.
A self managed super fund (SMSF) is a superannuation trust structure that provides financial remuneration to its members in retirement. The main difference between SMSFs and other super funds is that SMSF members are also the trustees of the fund.
Our SMSF Life allows members to apply for our SMSF Life insurance cover which pays a lump sum benefit on the death or Terminal Illness of an insured member.
Plus, with SMSF Life you have the option to apply for Total and Permanent Disability (TPD) cover, for even greater protection and peace of mind.
With this valuable protection, the insured member is covered worldwide, 7 days a week, 24 hours a day and the benefit can be used to support the beneficiaries of the insured member in accordance with the governing rules of your self-managed superannuation fund and superannuation law.
With SMSF Life you can apply for a Life Insurance benefit from $100,000 up to $1,500,000* (depending on the age of the insured member at the Policy Commencement Date).
This includes cover for Terminal Illness, where 100% of the insured member’s Life Insurance benefit is paid in advance if the insured member suffers a Terminal Illness.
$10,000 of the insured member’s Life Insurance benefit can also be advanced as a funeral benefit to assist with immediate funeral costs if the insured member dies.
You also have the option to apply for up to $1,500,000* Total and Permanent Disability cover (depending on the age of the insured member at the Policy Commencement Date and the insured member’s Life Insurance Benefit Amount. The optional cover cannot exceed the insured member’s Life Insurance Benefit Amount).
Who can take out this cover?
As of 1 April 2021, IA Life is no longer accepting applications for new SMSF Life Insurance policies. Existing policies will remain unaffected.
Australian residents aged 18-64 years who are members of your self managed superannuation fund were able to apply for SMSF Life Insurance Cover until 31 March 2021. If accepted, the Life Insurance cover can continue for life as long as premiums are paid.
Our optional SMSF Total and Permanent Disability (TPD) Cover is applicable for members up to the age of 59 years and will continue in force until they reach 65 years of age. TPD policies cease on the first anniversary of the policy after the age of 65 years.
SMSF Life Insurance Cover is only applicable for a maximum of four SMSF members. It is recommended that you check your SMSF’s governing rules and if any doubts exist, to seek advice.
Insurance Advertisernet Life Pty Ltd CAR No: 334667 ABN 19 132 170 337 is a Corporate Authorised Representative of Insure Me Now Pty Ltd ACN: 126 486 566 AFSL: 416019. Any information provided is only general information about our services and the products we offer and should not be treated as advice. You should consider the information contained in the PDS before deciding to take out cover.
The insurance offered on this site is issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484 (HLRA) Copyright
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Insurance Advisernet Life Pty Ltd (IA Life) is a 100% owned and operated Australian company that helps individuals craft financial life solutions to protect their family and their assets.
Any information provided on this site is general information which does not take into account your personal objectives, needs or financial situation.
In making this referral, we do not advise on the products and services IA Life provide to you, nor do we represent that IA Life’s products and services are right for you.
You need to make your own decision based on the information IA Life provides.
If you decide to purchase an IA Life product arising from this referral, we will receive a commission from IA Life. The commission is twelve and a half percent of the premium. This commission is paid to us each year for as long as you retain the policy.