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.