News : Insurance

Insurance, Superannuation

Early super access could halt insurance cover

Super life insurance

Members who access their super early under the government’s coronavirus relief measures should consider how this will affect the life insurances provided by their super fund, a technical expert says.

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Insurance, Superannuation

Member death can benefit SMSF tax position

member death smsf tax

A new private binding ruling has shown SMSFs can make tax deductions off the back of insurance premiums paid on behalf of a deceased member.

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Insurance

Wrong insurance premium payments may hit pensions

SMSF life insurance premiums

SMSF members paying life insurance premiums from their fund may lose its benefits if they don’t fully consider which fund account will provide the payments.

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Insurance, Superannuation

Super sector launches life insurance education campaign

Two superannuation bodies have launched a joint campaign to raise awareness of the upcoming Protecting Your Super changes and their impact on life insurance cover through super.

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Insurance, Superannuation

SMSF members at risk of losing life insurance cover

SMSF members may lose life insurance cover held within an APRA-regulated fund if they fail to contribute to it or reactivate it before 1 July.  

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Insurance, Superannuation

SMSF members warned about life insurance opt-in changes

SMSF members with life insurance within APRA-regulated funds have been warned they may lose it if they fail to opt-in to cover under new legislative changes.

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ASIC, Education, Insurance

Education key to 2019 advice proposition

SMSF; FASEA; credit; specialist

The findings from the Australian Securities and Investments Commission’s (ASIC) “Report 575: SMSFs: Improving the quality of advice and member experiences” indicate education activities for trustees should be an important part of advice propositions in the coming year, according to a specialist business consultant.

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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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