Navigating the insurance minefield Pt III: Income Protection

Key Points Human capital is the most valuable asset for many people Critical to insure it with income protection insurance We explain why you should take it outside of super and highlight potential pitfalls In sole purpose test’ will be breached. For all these reasons we’d generally suggest taking out an IP policy in your own name. But there are some situations where you might consider taking out IP through super, including: If you’re struggling with cash flow, taking IP through super effectively enables you to access your compulsory super contributions to pay the premiums.   For employer-sponsored plans,...

In sole purpose test’ will be breached.

For all these reasons we’d generally suggest taking out an IP policy in your own name.

But there are some situations where you might consider taking out IP through super, including:

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