MyPlanner offers SMSFs group insurance

Independent licensee MyPlanner Australia will now offer an insurance solution to SMSFs through a new partnership with AIA Australia and AGI.

MyPlanner managing director Philippa Sheehan said the business identified a need for an easy insurance solution for SMSFs, particularly amid the accountants licensing process.

“Despite approaching a number of insurance players in the Australian market, it was AIA Australia and AGI who best understood the need and were able to offer something that goes well beyond what we as a licensee were asking for,” Sheehan revealed.

“As much as trustees think they will organise their own insurance, we have seen plenty of SMSFs across the MyPlanner network where the trustee never finalised the insurance.

“This has been of huge concern. AIA Australia’s solution helps to solve some of the underinsurance issues we have here in Australia.”

AIA Australia and AGI launched the SMSF Master Insurance Plan in 2011 and have seen it succeed across various industry platforms.

It was designed for straight-through processing and a simple nine question underwriting process for most applications, making it easy for SMSF trustees and accountants to organise the cover needed.

In addition to the death cover and total and permanent disability cover, there are also income protection options, as well as the ability to transfer existing cover.

Commenting on whether the new insurance arrangement will also provide personalised coverage should an SMSF client have slightly more complex insurance needs, Sheehan told selfmanagedsuper: “There is more tailored coverage available for members if required.”

To date, MyPlanner has over 90 specialists in SMSF advice as part of its 140-strong planner and accountant group.

MyPlanner offers accountants licensing, financial planning licensing and licensee-to-licensee arrangements for those people who specialise in providing strategic advice to clients.

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital