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Life Insurance and Super each have one thing in common...
If you don't legally decide today who you want to get your money tomorrow, someone else will make that decision for you - and you might not like the result.
Simply put, you can nominate in writing who you want to receive any future payout with a Beneficiary Nomination or Binding Death Nomination (depending upon what you choose).
The arrival of a new child, either by birth, adoption or some other happy moment brings life-changing times to someone's life.
Baby proofing a home can feel like a never-ending job constantly scanning the horizon looking for risks to manage. From putting soft pads on hard corners of tables, using soft door guards to keep little fingers from getting caught and moving everything below waist height that's bright, shiny and reachable.
Lots of things need to be moved around to make room for a new life - from furniture, family sleeping patterns and even moving some of your insurances currently held in your super.
When can you make a contribution to your spouses super fund and claim a tax credit yourself?
If your spouse (wife, husband, de facto or same-sex partner) is a stay at home parent, is a low-income earner, or not working at the moment, chances are they’re not increasing their super and might have little or no super to fund their retirement.
The good news is if you want to help you can put money into their super, and you might be eligible for a personal tax offset, while helping to create a better future.
Who's your super beneficiary?
With superannuation now becoming a compulsory part of life, many people soon find they have significant amounts in their super growing at 9.5% per year - the minimum compulsory amount all employers are required to withhold from your income and deposit into your super account, for your retirement.
In reality, if you passed away today, the value of your super account could be significantly higher because of a ‘hidden’ life insurance component.
Need to get early access to some of your super?
Nothing starts a heated conversation between mates at a BBQ quicker than a question about superannuation and whether you should be allowed to get access to it before you retire.
The government's stated purpose behind our national compulsory super savings plan is to provide people income in retirement to substitute (or supplement) the Age Pension. This is known as the sole purpose test.
Life insurance inside your super has special rules you need to understand - especially if you're a blended family.
You need to let your super fund (and life insurance company) know who you want as a beneficiary to receive any payout made upon your death.
This is especially important if your life insurance is owned by your super fund because there are additional rules you need to understand. If you don't, then you'll leave a whole lot of unnecessary pain and problems for your survivors.
