Structuring Life insurance | Super vs personal name | The misconception about insurance in super
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- Опубликовано: 31 янв 2021
- There is a lot of confusion out there when it comes to applying for life insurance. Should you do it through your super, should you do it outside super, what are the pros and cons of each? This can all get a little confusing and I often hear a lot of misconceptions as to what you can do and how you should do it .
So today I thought I would try to demystify the confusion and explain to you exactly what to consider when structuring your life insurance.
guidedinvestor.com.au
Payment of death benefits from superannuation: • Payment of death benef...
I’m actually pretty uneducated when it comes to life insurance so these videos help me out a ton !
Great video mate, like the rest of your instruction videos. Thorough, accurate, up to the point, clear, and generous. Your channel deserves to be on the spotlight. Thanks for the time you spent on putting such an amazing work together. Keep it up
Hey Mehdi, that's very nice of you to say - I really appreciate it!
Awesome video. It’s good to have someone share this info especially from Australia. Thank you
Great video mate! Some really helpful info here!
Very very helpful, thank you!
Thanks! Glad you found it useful
Can you discuss buying international life in Australia such as whole life insurance because I know regular (not higher net worth) people cannot but them here and in general Australian life insurance don’t sell it
Thanks for the explanation mate.
Wanted to ask if there are any type of policies in Aus, which have a ‘sum assured’ (total of the premiums paid over the term) that you get back after the term of the insurance is surpassed/completed.
There are products like this in India - for example LIC
Just want to know if Aus has similar products?
Not that I am aware of...there used to be whole of life policies which contained an investment component but they were abolished a while back.
So does it mean if I own the life insurance outside of super, when my child turns to 18 or have their own income, he/she doesn't need to pay tax when receiving the lumpsum payment?
Hey mate, you say if we don’t contribute to super for 15-16 months, then insurance will be gone.
Can we just contribute just insurance part of money in super to keep insurance or do we need to contribute a certain minimum amount?
TIA
Could I ask a question please ? Is it legal to hold a two life insurance policy’s, one inside and one outside super? And if you pass away will both pay out ?
Yes you can have two policies however just be careful that there is no clause in either policy which excludes the payment of multiple benefits. If its a medically underwritten policy it will ask you at time of application if there are any additional policies inforce and if you intend to retain the policy. Hope that helps 😊
Who are the best value external insurers i can buy life and disabilty insurances from?
There is no one best insurer because it depends on your age, gender, smoking status, BMI, etc. If you have a financial adviser I would suggest reaching out to them as they can quote the market on your behalf. If you don't have an adviser, feel free to reach out at guidedinvestor.com.au/personal-insurance/