Isn’t it quite a Catch 22 that those who need insurance the most (those with greatest debts, non-passive income streams, and young dependants) are the ones who generally can afford it the least? There have been some substantial new developments in the insurance space that we’d like to share with you, that can address this common problem.
Funding insurance in super has had its limitations in the past. Traditionally in order to hold and pay for insurance within your superannuation, you were restricted to whichever (often inadequate) insurance cover was offered by the fund itself or an aligned insurance company, unless you held a Self-Managed Fund.
This effectively restricted you to poor insurance, or stuck paying premiums outside of super that made you poor!
Recently, two major retail insurance providers have introduced the ability to pay for their comprehensive insurance products with a partial roll-over from the clients existing superannuation account. This major innovation means that those who previously have been unable to afford comprehensive insurance cover can now take out the cover they need, when they need it most. One quick, simple, easy rollover form from any super fund to pay for your insurance.
If you are sick of seeing your insurance premiums come out of your bank account every month and would like to discuss different ways of funding your cover, please contact us on (08) 9323 3000 or contact us online today.