SMSF Plan

CommInsure

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CommInsure Protection’s SMSF Plan is a customised, easy to use product designed to offer SIS-aligned cover to SMSF trustees. This has the potential to reduce the compliance burden on trustees when selecting a product as the cover has been specifically designed to comply with the rules relating to holding insurance in super.

CommInsure Protection’s SMSF Plan offers:

 

LIFE CARE FEATURES AND BENEFITS

At a glance

  • No maximum amount of cover
  • Stepped premium type:
    • Minimum entry age 15
    • Maximum entry age 70
  • Level premium type:
    • Minimum entry age 17
    • Maximum entry age 54
  • Cover expiry date will be the policy anniversary date before life insured’s 99th birthday.

 

Key benefits

  • Life Care benefit: lump sum is paid if the life insured dies
  • Terminal Illness benefit: pays a lump sum if the insured is terminally ill and likely to die from the illness within 24 months
  • Severe Hardship Booster benefit: doubles the lump sum we pay (up to $250,000) if the insured dies or is likely to die within 24 months from Meningococcal Disease, Legionnaires’ Disease or Motor Neurone Disease
  • Life Buy Back benefit: automatically reinstates Life Care 12 months after we pay a TPD or Trauma claim
  • Loyalty Bonus benefit: once cover is held for 5 years, we will automatically increase the payment of the Life Cover or Terminal Illness benefit by 5% at no extra cost.

 

 

Download the PDS for full list of benefits >

 

When is a benefit paid?

Life Care provides a lump sum payment in the event of terminal illness or death.

TOTAL AND PERMANENT DISABILITY (TPD) FEATURES AND BENEFITS

At a glance

  • Up to $5 million cover (not greater than Life Care)
  • Stepped premium type:
    • Minimum entry age 15
    • Maximum entry age 60
  • Level premium type:
    • Minimum entry age 17
    • Maximum entry age 54
  • Cover expiry date will be the policy anniversary date before insured’s 99th birthday and changes to Loss of Independent Existence only at policy anniversary before the insured's 65th birthday.


Key benefits

  • TPD Cover benefit: pays a lump sum if the life insured is totally and permanently disabled and unlikely to ever work again
  • Death benefit: if your client has stand-alone TPD Cover and dies, we pay a lump sum of $10,000
  • Severe Hardship Booster: pays double the insured lump sum (up to $250,000) if your client suffers a specified disability due to an accident
  • Loyalty Bonus benefit: once cover is held for 5 years, we automatically increase the payment of a TPD benefit by 5% at no extra cost.

 

 

 

Download the PDS for full list of benefits >

 

 

When is a benefit paid?

TPD Cover pays a lump sum if you are totally and permanently disabled.

 

 

INCOME PROTECTION FEATURES AND BENEFITS

At a glance

  • $30,000 per month maximum cover for most occupations
  • Choice of 2 weeks or 1, 2, 3, or 6 months or 1 or 2 years waiting period
  • Stepped premium type (for expiry at policy anniversary before age 65):
    • Minimum entry age 17
    • Maximum entry age 60
  • Level premium type:
    • Minimum entry age 17
    • Maximum entry age 54

Note: Aviation, Specialist Risk occupations and different expiry ages have different eligibility entry age ranges, please read the PDS.

  • Choice of cover expiry on anniversary before life insured's:
    • 60th birthday or
    • 65th birthday
    • 70th birthday.

  • Choice of benefit period
    • two years
    • five years
    • to the expiry date which applies i.e. the policy anniversary before the insured's 60th, 65th or 70th birthday.

 

 

Key benefits

  • Total Disability benefit: pays a monthly benefit if the insured suffers a loss of income because they can’t do any work at all due to disability
  • Three-tier total disability definition (Income Care Platinum only): pays a Total Disability benefit, not only if you can't work at all due to disability, but also if you're working up to 10 hours a week or earning up to 20% of your pre-disability income
  • Partial Disability benefit: pays a partial monthly benefit to replace lost income if you're disabled but can still work
  • Recurrent Disability benefit: allows the insured to continue their original claim without satisfying the waiting period again if their disability reoccurs within 12 months
  • Boosted Total Disability benefit: if the insured is totally disabled by a serious medical condition we increase the monthly benefit by one third so it more closely reflects 100% of the insured’s income rather than just 75%
  • Waiving premiums: no income protection premiums payable while a Total or Partial Disability benefit is being paid or up to six months for defined personal circumstances
  • Reward Cover benefit: after three years of holding the income protection we will provide $50,000 Accidental Death Cover, at no extra cost. We then increase the Accidental Death Cover, at no extra cost, by $10,000 on each policy anniversary until the cover reaches $100,000.

 

 

Download the PDS for full list of benefits >

 

 

When is a benefit paid?

At its most basic, income protection  pays up to 75% of income if unable to perform all or part of the occupation due to sickness or injury. 

 

ACCIDENTAL DEATH COVER FEATURES AND BENEFITS

At a glance

  • Cover up to $1 million
  • Must be taken with minimum $10,000 Life Care and can’t be greater than the Life Care sum insured amount
  • Cover will expire on anniversary date before the life insured’s 99th birthday for Total Care Plan and SMSF policies
  • Cover will expire on the policy anniversary before the life insured's 80th birthday for Total Care Plan Super.

 

Key benefits

  • A lump sum is paid if the life insured dies due to an accident.

 

Download the PDS for full list of benefits >

 

 

When is a benefit paid?

Accidental Death Cover provides a lump sum payment if the life insured dies due to an accident.

ADDITIONAL TOOLS

SMSF insurance strategy tool

Give this tool to SMSF trustees to assist them with understanding SMSF insurance needs and matters.

ATO SMSF product ruling

This product ruling addresses the tax consequences of Split TPD Cover under CommInsure Protection.

SMSF client lead letter

 Use this lead letter to connect with SMSF clients to review their insurance strategy.

 

Referral partner SMSF insurance letter

Give this letter to your referral sources, such as accountants to use with their SMSF clients.

SMSF Referral lead letter

Use this lead letter with your referral partners to highlight the opportunity to add value for SMSF clients.

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