For most of us, understanding how to protect ourselves, our families and our assets can be confusing. But it doesn’t need to be.
There are a number of strategies to help you reduce the effective cost of life insurance. These include:
Because everyone’s circumstances are different, the best way to ensure your insurance is as tax and cost-effective as possible is to speak to your financial adviser.
An extremely tax-effective way to save for your retirement, superannuation can also provide a good home for some types of life insurance – helping you reduce the effective cost of your premiums.
You hold your life insurance – usually death and total and permanent disability (TPD) cover – inside your super account, and use your super contributions to pay your premiums.
Instead of purchasing a stand-alone insurance policy, where premiums are paid for from your after-tax income, using your super contributions means you’re effectively paying your premiums using pre-tax money.
To find out more about insurance through super, talk to your adviser.
After a lifetime of working hard and accumulating your wealth, you will want to know that your estate is distributed according to your wishes. From providing funds for dependants, to ensuring the right people are looked after, life insurance can play a critical role in your estate planning affairs. This may include:
To discuss the role life insurance can play in protecting your estate, you should speak to your financial adviser. Alternatively, if you know what you want, you can either buy online or over the phone today.