Insurance through your SMSF can be a relatively cheap form of insurance. The annual premiums payable depend on the amount of cover required, your age, health and lifestyle. The main reason for choosing the AIA Insurance Product is that it simplifies the Insurance underwriting process by using a Straight-Through-Online Application Platform. You simply need to answer 10 or so simple questions, and the system will instantly provide you with an Insurance Quote. In most cases if you accept the Insurance Quote provided you will be instantly covered. No medicals will be required. This is unprecedented in the marketplace and makes the Insurance Application process a pleasure.
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
The annual premiums payable depend on the amount of cover required, your age, health and lifestyle.
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.
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.
Sometimes it is difficult to know how much cover you need. The AIA Online Insurance needs Calculator provides you with a recommended level of Insurance cover based on your unique circumstances. To assess your Insurance Needs click here.
Have existing cover?
Depending on your circumstances, you can transfer existing insurance cover from a superannuation fund or retail insurer to the SMSF Master Insurance Plan, minimising administrative fees and the inconvenience of maintaining multiple accounts. The AGI SMSF Master Insurance Plan allows SMSF trustees to ‘transfer’ the cover of their current policy. A successful applicant for a transfer 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 transfer of 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 transfer up to $2 million for Death and TPD cover, and up to $20,000 per month for Income Protection cover. 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 transfer, 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 firstname.lastname@example.org. 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.
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.