Industry Super Funds not so super!

Are you aware of how much the industry super funds life insurance premiums have skyrocketed over the last few years?

Australian Super
From June 29 2013

  • Life & TPD increased by approx. 38%
  • Income Protection increased by 25%

 

Host Plus
From December 2013

  • TPD Premiums increased by up to 80%

 

REST Industry Super
From July 1 2013

  • Life up 45%
  • TPD up 30%

 

CBus Super
From July 1 2014

  • TPD increases up to 200%
  • Life increases of 15-20%

 

SunSuper
From July 1 2014

  • Life & TPD increases of up to 100%
  • Income Protection waiting periods changed from 60 to 90 days.

 

What’s the Solution?

Are you aware you can maintain your industry super fund but now pay the premium for an external Life insurance policy via a partial rollover?

By utilizing this strategy you will get a 15% upfront Tax Rebate Benefit (discount).

If you are concerned about your current industry super fund life insurance or would just like to receive more information on this please contact us now.

Matthew West
0433 018 398
mwest@tribelife.com.au

The statistics has been obtained from a presentation and research by  BT Financial Group Limited (ABN 63 002 916 458) ‘BT’. It is for general information only. Every effort has been made to ensure that it is accurate, however it is not intended to be a complete description of the matters described.  Furthermore, it is not intended that it be relied on by recipients for the purpose of making investment decisions and is not a replacement of the requirement for individual research or professional tax advice. 

Matthew West is an authorised representative of Synchron AFS Licence 243313

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