An important aspect in your superannuation setup is the need for protection to you and your financial dependents against death, permanent or temporary disability.
Have you considered your requirements for;
- Life Insurance – this will provide a lump sum to your financial dependents should you pass away;
- Total and Permanent Disability – A lump sum or regular pension will be paid should you be unable to return to work due to accident or illness;
- Income Protection – will pay you a regular monthly benefit should you be temporarily or permanently unable to return to work due to accident or illness.
It is important you consider these needs prior to setting up your SMSF and rolling over existing super funds that may have this important insurance.
From 1 July 2012 it is a legal requirement that Trustees of all SMSF’s must at least consider the insurance needs of the members.
My SMSF Portal does not provide insurance services. If you already have a financial planner, then please seek their advice.
If you do not have a financial planner then My SMSF Portal has a strategic partnership with Mullins Financial Planning who provides these services. They are conveniently located in the same offices as My SMSF Portal. See “Contact US” for more details.
