Protecting my family's lifestyle
Arranging insurance through your superannuation
Another tax effective option may be to obtain your insurance through your superannuation. Premiums are deducted from your superannuation balance so you won’t notice any difference to your take home pay, and premiums can be made from pre-tax income or, for self-employed people, from tax deductible contributions.
Review your options
Westpac Protection Plans offer Term Life as Superannuation:
- You can take the cover as superannuation, which could be tax effective if you are eligible for concessions on your superannuation contributions.
BT Protection Plans (SuperWrap and SuperWrap Essentials) offer the same comprehensive level of cover as Westpac Protection Plans, but in a superannuation environment. Speak to a Westpac Financial Planner 1 about how this type of insurance through superannuation may be suitable for you.
BT Super for Life offers the following types of insurance:
- Standard insurance cover including Death Only cover, and Death and Total & Permanent Disability (TPD) cover
- Customised insurance including Death cover, Death cover with additional Total & Permanent Disability (TPD) cover up to $3 million and up to $30,000 per month Salary Continuance Insurance (SCI) cover.
BT Lifetime - Personal Super offers:
- Standard package offering $400,000 Death Only or Death and Total & Permanent Disablement (TPD) cover. This package is only available if you are 55 years of age or under
- A custom package for Death Only and Death and TPD cover greater than $400,000.
