Adviser Q&A: SMSFs and Insurance - The Changes Ahead
Moves are underway to change the laws around life, TPD and other insurance policies held inside managed superannuation funds. Depending on how you have your insurance structured, this change may require some major adjustments to how you make your super contributions in future.
InvestSMART’s Tony Kaye and licensed financial advisers Bruce Brammall and Max Newnham discuss the proposed insurance changes, the potential implications for SMSFs, and answer all of your other general superannuation questions.
Frequently Asked Questions about this Article…
The proposed changes aim to alter the laws surrounding life, TPD, and other insurance policies held within managed superannuation funds. These changes could impact how you structure your insurance and make super contributions in the future.
If you have an SMSF, the proposed insurance changes could require you to reassess your current insurance arrangements and possibly make significant adjustments to your super contributions strategy.
Reviewing your insurance policies is crucial because the upcoming changes could affect your coverage and the way you contribute to your super fund. Staying informed ensures you maintain adequate protection and compliance with new regulations.
When adjusting your super contributions, consider how the changes might impact your insurance coverage, tax implications, and overall retirement strategy. Consulting with a financial adviser can provide personalized guidance.
Yes, the changes to insurance policies within super funds can impact your retirement savings by altering how you allocate funds between insurance premiums and super contributions, potentially affecting your long-term financial goals.
Licensed financial advisers, such as those from InvestSMART, can help you understand the implications of these changes and provide tailored advice to ensure your superannuation strategy aligns with your financial objectives.
While immediate actions may not be necessary, it's wise to stay informed about the proposed changes and consult with a financial adviser to determine if any adjustments to your insurance or super contributions are needed.
Following updates from trusted financial news sources, such as InvestSMART, and engaging with financial advisers can keep you informed about the latest developments in superannuation insurance changes.
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