Not all life insurance policies are created equal. When we say life insurance policies in this episode, we’re also referring to permanent disability and income protection. In Australia as of now, we’re already facing an immense underinsurance problem, which can leave people wondering how they will pay for bills and living expenses if something were to happen to their health.
It can be tempting to rely on your superannuation fund to fund the cost of your life insurance products given the fact that this won’t impact your cash flow. However, we really need to reassess if this is the appropriate strategy and products for you, or if you’re better off holding these policies outside of superannuation.
Join us in this episode as we dive right into the things that you should consider when deciding on holding a life insurance policy inside or outside of superannuation.
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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, authorised representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights:
• Summary of these life insurance products
• Advantages of policies inside superannuation
• Disadvantages of policies inside superannuation
• Taxation on benefits
• Tax deductions on premiums
• Things to consider when deciding on the right options for you
