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SMSF Life Insurance - About Self Managed Life Insurance Cover

Self Managed Superannuation Fund Life Insurance Cover (SMSF Life) is suitable for trustees of self managed superannuation funds to consider for members of the fund. SMSF Life is life insurance cover which pays a lump sum benefit on the death or Terminal Illness of an insured member. Plus, with SMSF Life you have the option to apply for Total and Permanent Disability (TPD) cover, for even greater protection and peace of mind.

With this valuable protection the insured member is covered worldwide, 7 days a week, 24 hours a day and the benefit can be used to support the beneficiaries of the insured member in accordance with the governing rules of your self managed superannuation fund and superannuation law


What cover is available?
With SMSF Life you can apply for a life insurance benefit from $100,000 up to $1,500,000 (depending on the age of the insured member at the Policy Commencement Date). This includes cover for Terminal Illness, where 100% of the insured member's life insurance benefit is paid in advance if the insured member suffers a Terminal Illness. $10,000 of the insured member's life insurance benefit can also be advanced as a funeral benefit to assist with immediate funeral costs if the insured member dies.
You also have the option to apply for up to $1,500,000 Total and Permanent Disability cover depending on the age of the insured member at the Policy Commencement Date and the insured member's life insurance Benefit Amount (the optional cover cannot exceed the insured member's life insurance Benefit Amount).


Who Can take out Cover?

You can apply for SMSF Life if the insured member is a member of your self managed superannuation fund and is an Australian Resident aged 18-64 years.

If accepted, the life insurance cover can continue for life (as long as the premiums are paid when due).

Optional TPD cover can be applied for the insured member up to age 59 and, if accepted, cover can continue to age 65.


Please note this cover is only suitable for trustees of self managed superannuation funds to consider for up to a maximum of 4 members. You should check the governing rules of your fund and if in doubt, seek advice.