I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Assessing the Merits of Insuring for TPD

It has been noted the some super funds provide structuring options that enable some covers to be kept within super and some out of superannuation, which provides certainty when it comes to the deductibility of the premiums paid by the super fund and the potential for the benefits to be paid outside the fund.

Income Cover and Disability Insurance

The majority of people think that it is just the significant events like TPD or death that are likely to impact financial manifestations for them and their families. But how can clients cope up if they have lost the ability to earn some income even for just a short period? Well, there are super funds that allow members off to get Income Cover or Disability Income Insurance, respectively with their super account.

Such cover offers replacement income, paid as a taxable monthly income stream, should the insured individual be incapable of working for a prolonged period because of injury or illness. Funding such cover with superannuation will be beneficial for reasons of cash flow or due to the availability of temporary or permanent disablement insurance commutation option.

But, depending on the conditions of the coverage, there's still a chance that the benefits will not be released from super as stated by the superannuation law temporary incapacitation terms and conditions of release and related cashing restrictions. This could impact tax deductibility of the premiums within superannuation and the capacity for fund members to gain access to their benefits.

Such issues do not arise if the cover is held out of super. For such reasons, depending on the kind of cover that is required, having Income Cover and Disability Income Insurance outside superannuation can be a good option.

If you think this topic is still a bit unclear to you, then you may need more information about it. Go to our site and read more on TPD insurance and other super benefits. Go to www.australiansuperfinder.com.au

Loading PLease Wait..