Should I take out Trauma Insurance through my superannuation?

Trauma Insurance can help protect you financially against a wide range of critical medical conditions – including cancer, heart attached and stroke.

Since the changes to superannuation legislation came into force from 1 July 2014, it is no longer possible to take out a new Trauma Insurance policy through your super fund.

However, you can still take out Life Cover and TPD Insurance in your SMSF. Please refer to SMSF Life Insurance for more.

What if you already have Trauma Insurance in your SMSF?

Although you can’t take out a new policy, if you had Trauma Insurance through your SMSF at the time of the legislative changes, your policy is considered to be ‘grandfathered’.

This potentially means that you can still rely on your existing Trauma Insurance policy as long as you’ve held your cover continuously. You can also increase or decrease the amount of your Trauma policy holding.

Benefits of NobleOak’s Trauma Insurance

With NobleOak, you can buy Trauma Insurance as a stand alone cover held outside your SMSF. Some of the key features of our Trauma Insurance are:

High cover levels

You can apply for up to $2 million cover, without having to go through a financial adviser. That’s much higher than most direct insurers

Low premiums

We don’t pay fees or commissions to advisers. That means lower premiums for you

Fully underwritten cover

We take the time to get to know you upfront, so we can tailor your cover and premium. That gives you more certainty at claim time.

Please note that the information we provide is not advice but general information only.

 

Sources:

Superannuation Industry (Supervision) Regulations 1994 (Cwth), viewed 22 February 2016.

Superannuation Industry (Supervision) Regulations 1994 (Cwth) 4.07D Operating standard—permitted types of insurance, viewed 22 February 2016, http://www.comlaw.gov.au