Personal Insurance held within Supernnaution

articlesuper Personal Insurance held within Supernnaution Superannuation is such a flexible investment vehicle that one can house personal insurance within it. Often  people are unaware of the level of cover that they have within their superannuation let alone that they even  have any cover in place at all or for how much the premium is.

 It is generally possible to have three personal insurances housed within superannuation, life, TPD if it is ‘any  occupation’ and income protection or income continuance as sometimes referred too. Income continuance  usually only pays a benefit for up to 2 years, some may pay more depending on the fund.

Trauma insurance is not allowed within superannuation due to preservation rules (age at which you can access superannuation benefits); in many circumstances a client that experiences a trauma event is able to recover and continue to live a relatively normal life and is often back at work at some point. This can be compared to a client that is totally permanently disabled and is not able to return due to the severity of the disability.

3681 Personal Insurance held within Supernnaution The option of housing personal insurance within superannuation gives a client more options to insure but the  advantages and disadvantages should be weighed up and properly assessed. At Del Castillo Investments Corp  Pty Ltd, we assess our client’s position taking into account affordability, taxation issues, estate planning  issues, and how the potential benefit is to be paid out. Our focus is ensure that our client’s have peace of mind that in the event something unfavourable where to happen that they can continue to meet their ongoing obligations and can fulfil their personal goals.

Don’t let affordability stop you from protecting your livelihood and those dependent upon you, contact us now to discuss your options to insure or review your existing insurance policies that may need updating.