Life Insurance in Super Funds

Having life insurance (whether term life, TPD or salary continuance) in a super fund is permitted under current rules. However, there are some conditions to be met:

  1. The policy must be recorded in the names of the trustees, as trustees for the fund. That means trustees’ names plus the fund name should appear on the premium notice and on the policy document.
  2. An existing policy cannot be transferred from a fund member or from any related party. A new policy can be arranged by the fund.
  3. The fund should pay the premium, rather than the member.
  4. There is no limit on the amount of cover.

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