News : Insurance

Insurance, Tax

Death benefit rollover tax anomaly amended

The federal government has announced it will be amending a legislative irregularity currently enabling death benefits that include life insurance proceeds and are rolled over into an alternative superannuation fund to be taxed.

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Insurance, Regulation

Life insurance issue possibly overlooked

The potential tax treatment of death benefits rolled over on or after 1 July 2017 where the rollover amount includes life insurance proceeds continues to be a sleeper issue, a technical expert has warned.

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Financial Planning, Insurance

Advice vital in insurance decisions

It is crucial for SMSFs to seek professional advice when making decisions on insurance within their fund to competently navigate the insurance minefield, according to wealthdigjtal.

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Insurance, Superannuation

Salary sacrifice has risk insurance benefits

Having temporary and permanent disablement insurance cover inside or outside of their superannuation fund is an arrangement that can allow an individual to benefit from more than just the payout from the policy in the event of a debilitating incident, a technical expert has said.

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ATO, Insurance

Life cover paid from pension can be TBC bonus

Holding life insurance cover inside an SMSF and funding the premiums from a reversionary account-based pension can give a surviving spouse the ability to establish an income stream well in excess of the $1.6 million dictated by the transfer balance cap (TBC), a technical manager has said.

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Insurance

BT unveils SMSF level premium policy

BT Financial Group (BTFG) has launched a level premium policy replacement process for BT Protection Plans that will allow clients moving their cover from a super fund on a platform, such as BT Panorama, to an SMSF to retain their original entry-age premium rates under the new replacement policy.

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Insurance

Confusion lingers over post-death insurance

Peter Hogan

There is a lack of clarity around the post-death receipt of insurance and questions remain over which member accounts it can be credited to, according to the SMSF Association.

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Insurance

HLB Mann Judd unveils new insurance business

HLB Mann Judd Sydney has launched a new insurance business, HLB Insurance Services, in a joint venture with risk specialist practice MBS Insurance.

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Insurance

Insurance via an SMSF – is this a good idea?

Insurance in superannuation has been the growth story of the Australian life insurance market for the past three years. In 2016, insurance in superannuation accounted for more than 50 per cent of TAL’s retail insurance sales.

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Insurance

BGL teams up with life insurer

Superannuation and corporate compliance specialist software provider BGL has formed a partnership with Australian Group Insurances (AGI) that will allow users of Simple Fund 360 to perform a review of and obtain quotes for the life insurance needs of SMSF members.

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