Can I purchase Life Insurance through my self-managed super fund?

Can I purchase Life Insurance through my self-managed super fund?

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The short answer is yes, you can! Buying Life Insurance through super can be a convenient and affordable way to get the cover you need.

There are, however, a number of things you need to consider before you decide how you want to structure your Life Insurance.

What type of cover can you buy through super?

With NobleOak, the two types of cover you can buy through super are:

NobleOak Life Cover – which protects your family’s financial security if you die or are diagnosed with a terminal illness, and
NobleOak Total & Permanent Disability (TPD) Insurance – which protects yourself and your family from financial stress if you’re permanently disabled and unable to work.

What are the advantages of taking out Life Insurance through super?

Using your superannuation to pay for your Life Insurance can be a good way to help you afford the cover you need, without eating into your budget. You also have the opportunity to make before-tax contributions to super to pay for your insurance (e.g. through salary sacrifice), which may help reduce the amount of tax you pay.

What are the disadvantages of taking out Life Insurance through super?

If you don’t make additional super contributions to pay your insurance premiums, your retirement savings will reduce. Also, there are different rules around Life Insurance policies owned through super that may make benefit payments less tax-effective for your beneficiaries.

This is a general guide only. Readers should consult a taxation adviser for their personal circumstances.

For more information, visit the dedicated product page for Life Insurance within your SMSF

Why choose NobleOak Life Insurance?

While we are very proud of the cover we provide, a simple belief in 'doing the right thing' sets us apart.

Low premiums

At NobleOak, you buy directly from us,
so you don't pay for the cost of advice
or for unnecessary overheads.

Fully underwritten insurance

We only offer fully underwritten Life
Insurance, tailored by you. This minimises
the risk of unforeseen delays or surprises
in the event of a claim.

Simple & straightforward

We aim to avoid overly complex terms.
We simply provide great value,
comprehensive Life Insurance.

Award winning

We are the only Life Insurer to win the Canstar Outstanding Value Award for Direct Life Insurance in five consecutive years from 2016 to 2020.

Help protect your family with
NobleOak, Australia's most awarded
Direct Life Insurer 2020

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