You should insure against risks to your financial freedom that you are unable to absorb. Insufficient insurance can lead to you being unable to meet debt or loan repayments.
Life, Total & Permanent Disability, and income protection insurance paid from a super fund are tax deductible.
Members of self-managed superannuation funds are now required to consider their need for life insurance coverage every year.
Insurance for Death and Total Disability are typically contained within your super fund, however meeting the definitions if you are injured or ill is difficult.
Income protection fills that void, providing a monthly payment after the waiting period up to 75% of your salary to age 65. Income protection policies are also tax deductible, so if you are earning over $50,000 per annum, there may be a tax saving by moving this insurance outside of your super fund.
Moiler Partners has the experience and expertise to advise you on the most suitable and most tax effective insurance options for you in line with your financial circumstances. Contact us for a confidential no obligation discussion.