INSURANCE: INSIDE OR OUTSIDE SUPER

Do you and your family have adequate insurance cover?
Did you know there is a more tax-effective way to fund your insurance premiums?

HOW DOES IT WORK?
Personal insurance is a smart way to protect your quality of life and provide support for your loved ones if you get sick or injured.

While you often hear how important it is to have sufficient cover, it’s just as important to be smart about the structure of your insurance.

Most types of life insurance can be held inside of super.

  • Income Protection (IP). Pays a regular monthly benefit if you become severely disabled by sickness or injuries and you are unable to work – potentially helping your partner take time off work to care for you and/or cover mortgage repayments.
  • Term Life. Pays a benefit if you die or become terminally ill – helping your family take care of debts and ongoing household expenses.
  • Total & Permanent Disablement (TPD) Insurance. Pays a benefit if you are permanently disabled – helping cover the long-term costs of care for you and your family.

At Odyssey, we want to make sure that the dollars you pay for your premium work harder for you. Our expert advisers can help you discover a smart super strategy, as illustrated below.

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WHAT DOES IT MEAN FOR ME?
Whether you have insurance cover inside or outside of super depends on your personal circumstances and needs. By choosing the right combination, not only can you have the appropriate insurance cover to give peace of mind, but you can do it in a cost and tax-effective manner.

 

 

Federal Budget Update ’15

It’s no news that the 2015 Federal Budget was delivered yesterday – Compared to prior years, the 2015 Federal Budget was comparatively light on in its content.

Many of the announcements made on 12 May 2015 had been announced in some detail in the lead up to the Budget, and there really weren’t any hidden surprises. The Government has again promised that “there will be no new taxes on superannuation under this Government, and certainly there were no changes announced on Budget night. This should provide you with a level of comfort that the superannuation system will have a degree of stability for the next couple of years. In fact, the only superannuation announcement of note was a positive move to allow those suffering a terminal illness to access their superannuation savings earlier.

In many previous Budgets, it has been possible to group the announcements into three broad categories – taxation, superannuation and social security. This year’s Budget however provided a change, with the key categories of change being for small businesses, families and pensioners. For small businesses, there were a number of tax concessions

To give you more insight into the announced measures and when they might take effect, we have created a Federal Budget Overview.

If you would like to find out more about how this might relate to your personal circumstances, please do not hesitate to contact us via email 
at info@ofm.com.au or by calling us on 1300 761 669.

Discover how the inner circle can help you. Contact us today for a financial consultation.

This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs.
Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.
Odyssey Financial Management is an authorised representative of Total Financial Solutions Australia Limited.