Did you know you can save money by buying your personal insurance in super? This is because super can offer cash flow and tax benefits.
Most super funds offer insurance that can help you, or your dependants, to pay off debt and replace your income if the unexpected was to happen. This includes life, total and permanent disability (TPD) and income protection insurance.
When you insure through super, the premiums are deducted from your super balance. This means you can arrange the cover you need without having to pay the premiums from your ‘after tax’ cash flows.
If you are using super to fund insurance, another consideration is that you will ultimately be utilising funds that are expected to meet your living expenses in retirement. Whilst this could make a difference to your retirement, it’s important to think of what could happen to your family’s lifestyle in the meantime if you don’t have insurance.
Insurance through super can be complex but beneficial in the right circumstances. Make sure you speak to your Altus Adviser who will help determine whether it's the right option for you.
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Not sure what's in the best interest for you and your family? Call or or your Altus Adviser.
The team at Altus.