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15 percent upfront rebate through super
If you are thinking about taking out a retail insurance product through your superannuation fund, you might not be aware that some companies offer a 15% upfront discount for paying through your super. Currently TAL and ClearView have this option, but others are expected to follow.
How does the 15 percent superannuation discount work?
If you have an industry super fund, you can have that fund pay for your insurance through TAL, ClearView and a number of other retail insurance providers. The way that it works is that TAL, for example, will create a new superannuation fund for you just for the amount of the insurance that you are looking to pay. Via a partial rollover, the exact amount for you insurance will get transferred from your industry fund to the newly established super fund created by the insurance company. These funds are then used to purchase the insurance.
You receive a 15% upfront tax rebate from participating insurance companies if you take this option.
Are there any other discount?
Because your insurance is paid annually via a partial rollover, there is an additional discount applied for paying annually. This varies from insurance company to insurance company but can be up to 9% for TAL. So if you’re looking to take out a policy through your superannuation the discount can be up to 24% from the quoted monthly price after taking into account the 9% annual discount and 15% upfront discount for paying through Super.
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