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.

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.

SMSF trustees making contributions to their fund as a result of a risk insurance payout need medical practitioner verification before it can be classified as a structured settlement and receive concessional treatment under the new superannuation rules.

A properly executed SMSF investment strategy requires appropriate insurance consideration, according to an SMSF expert.

AIA Australia has revealed it will continue to be proactive in establishing new partnerships for its SMSF Master Insurance Plan, following its alliance with independent licensee MyPlanner Australia initiated in April this year.

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

It is interesting that most Australians do not hesitate to insure their car, but when it comes to their own lives they are reluctant to take out life insurance.

The grandfathering of the rules allowing certain insurance cover to remain in an SMSF after 1 July 2014 might allow the strategies behind taking out the specific policies to continue to be implemented, according to a leading superannuation adviser.

The provision of insurance both inside and outside superannuation is a huge opportunity for the SMSF industry as currently less than 13 per cent of SMSF trustees hold any form of life insurance.