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.
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.