Life insurance, should you hold it inside or outside of your super?
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 22 July 2022. Those with superannuation will start receiving their superannuation fund statements and something you’re likely to see on your statement is an insurance section, if your fund offers it. This week’s topic: Should you hold life insurance inside or outside of a superannuation fund?
Key topics covered include:
- Should you pay life insurance through your super or not?
- Start by thinking about what your life cover is for – where will the money go?
- Think about the tax consequences – your spouse and dependent kids get the money tax free. Others who receive money will pay 32% tax.
- Do you need to allow for the tax amount and add it into the life cover you have?
- Don’t forget about cost of cover too, and remember you can pay for life cover with your super that’s held outside of your super.
- Don’t forget to think about insurance before you switch super funds.
- Remember life changes, so should your cover, so review it.
- Luke shares his top tips around life cover.
Listen to the Podcast right now
Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’
Do you need advice on life cover inside or outside super?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Make an appointment to confidentially discuss insurance, investment, super, and retirement planning. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast.
We look forward to your company again.