If you have a Colonial First State Super Fund, you might not be aware that you have a choice between a number of insurance providers that can offer you TPD, Life Insurance or Income Protection written through and paid for by your First State Super Fund.
Historically, Colonial would only accept Comminsure or Asteron policies written within super, however, multiple companies are now available within super through a process known as partial rollover. These companies include Macquarie, AIA, TAL and Clearview to name a few. We have found that a number of clients have been able to save on their insurance costs by using this option by going with providers outside Comminsure and Asteron.
If you take up insurance through your superannuation fund via this option, there is a 15% tax benefit for premiums paid. This tax benefit is received at the time of paying as well rather than waiting for tax time.
How do Partial Rollover for Insurance work?
Organising a partial rollover is easy, an adviser at Rate Detective will guide you through the whole process. We help you set up a regular insurance policy, by going through the medical questionnaire, but instead of you paying for it via bank account or credit card we put the payment method as your super fund. Simultaneously we will work with you to fill out a partial super rollover form, which allows the insurance company to be paid from your super account. Premiums are paid annually and upon the anniversary of your policy can be automatically renewed. Of course you can cancel your policy at any time in writing.
If you are interested in receiving a quote for putting your insurance through your super fund then fill out our Life Insurance Enquiry form and one of our advisers will be in contact to start the process.