Insurance scandals: how to get your SMSF cover right

SMSF holders don’t have to take out insurance – but consider these things long and hard first.

Summary: In the wake of insurance scandals you may want to revisit your level of cover – but think about the implications in detail before you jump. If it’s been a while since you took out your policy, make sure there are no health concerns or changes in circumstance that would prevent a new policy from being put into action. Always think about the implications of being uninsured – unless the death or disablement of a member of a super fund will have no material impact on dependants and family, you need to be covered.

Key take out: It’s impossible to reinstate a policy once it is cancelled, so ensure new cover is available before leaving a current policy.

Key beneficiaries: SMSF trustees and superannuation accountholders. Category: Superannuation.

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