Paying for insurance inside your SMSF or super fund could mean the expense is tax-deductible, which may not be possible when paying for insurance outside of super. This tax concession is available to any super fund but the ability to deduct the expense is only available to the fund itself.
Most conventional retail or industry super funds (non-SMSF) will offer some form of insurance by default. Whether it be life, income protection or TPD (total and permanent disability) insurance, it’s certainly something worth thinking about before switching to an SMSF.
In this episode of SMSF Mate’s podcast, Gareth, Ashwin and Tim discuss SMSF insurance options, insurance outside of super and their personal experience with these services in the past.
You can read more on the SMSF Mate website here:
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