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Applying for Cover


Annual insurance premiums depend on the amount of cover required, your age, health and lifestyle. You can apply for the AIA Insurance Product here. It is not compulsory to use the ESUPERFUND AIA Insurance Product and clients can implement Insurance with any Insurer they choose if preferred. If you choose AIA, you will need to answer 10 or so simple questions, and the system will instantly provide you with an Insurance Quote.

Before making an Insurance Application you must read the SMSF Master Insurance Plan Product Disclosure Statement that can be found here

 
 
Get covered in three easy steps

STEP 1

The annual premiums payable depend on the amount of cover required, your age, health and lifestyle.

STEP 2

The underwriting process is simplified by only asking the questions relevant to the type and amount of cover you apply for. That means you save time on unnecessary forms and medicals.

STEP 3

You simply need to answer 10 or so simple questions, accept the Insurance Quote provided and you will be instantly covered. No medicals required*.

*In some cases however, depending on your personal circumstances you may need to provide more information or undertake a medical examination. The Online Insurance Application will automatically advise you if this is the case and a representative of AIA will contact you to finalise the Insurance Application process.

If a decision is made to take out insurance, then the next question is what level of cover is appropriate. This is an important question and turns on factors such as:

  • age
  • annual income
  • number of dependants
  • joint assets and debts
  • current super balance 
  • current insurance cover, and 
  • the age of your youngest child.
These are matters on which you should seek advice, ESUPERFUND cannot provide you with any such advice. You can choose to obtain insurance through your own choice of provider. 

 
 
Have existing cover?

Depending on your circumstances, you can obtain insurance in your SMSF which is similar to existing insurance cover held in a superannuation fund or retail insurer by using the AGI SMSF Master Insurance Plan. The AGI SMSF Master Insurance Plan allows SMSF trustees to obtain similar insurance cover in their SMSF to that of their current policy. A successful applicant receives replacement cover in the form of a new policy with AGI as the owner (rather than the applicant). Unlike a new policy application, the application for similar cover does not require extensive underwriting. The replacement policy with AGI is on similar, but not identical, terms as the applicant’s previous policy. You can apply for similar insurance terms up to $2 million for Death and TPD cover, and up to $20,000 per month for Income Protection cover. You can choose to use any insurer you wish and do not need to use AIA Insurance. If you choose to use AIA Insurance by applying for the AGI SMSF Master Insurance Plan, before making an Insurance Application you must read the SMSF Master Insurance Plan Product Disclosure Statement that can be found here

To apply for a similar policy in your SMSF, simply complete the Individual Insurance Transfer form here

 
 
Premiums paid from the Transaction Bank Account

Once the Insurance Policy has been setup the premiums will be paid from the Transaction Bank Account. This allows ESUPERFUND to track the premiums being made and ensure that they are claimed in your SMSF Annual Tax Return.

 
 
Queries about your Insurance Application

Importantly if you have any questions about your Insurance Application please contact AIA directly on (02) 9190 2500 or email AIA Insurance on smsf@agigroup.com.au. Please do not contact ESUPERFUND directly in relation to queries about your SMSF Insurance Application as unfortunately we will be unable to assist you with your queries.

 
 
No Advice

The ESUPERFUND Insurance Service is provided on No Advice Basis. Clients will need to determine if the AIA Insurance Product is appropriate for their financial situation based on their particular needs.


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