127. Insurance Inside vs. Outside Super

Welcome back to another episode of the 360 Money Matters Podcast! 

In this episode, we discuss personal insurance and the benefits of holding it inside or outside of superannuation. We explore different types of insurance covers, such as life insurance, permanent disability, income protection, and trauma insurance. We also discuss the increasing responsibilities that make having the right insurance cover important. Funding options for premiums are discussed, including using cash flow or faying for this through superannuation.

Furthermore, we also touch on tax efficiency and how this will change depending on the structure of how this insurance cover is held. Benefits and product benefits may also differ depending on how this is held.

This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis &  Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706


Episode Highlights

  • Four types of personal insurance cover

  • Different funding options for personal insurance

  • Tax deductions for personal insurance premiums

  • Default insurance covers 

  • Disadvantages of holding cover within super

  • Aligning insurance strategy with broader financial planning goals

  • Risk mitigation strategies 

  • Potential pitfalls and risks associated with superannuation insurance

  • Importance of comprehensive planning and regular review


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