You know that insurance cover can give you an income if you’re temporarily or permanently unable to work.
But did you know that super funds get a 15% tax deduction on insurance premiums that are passed back to you?
This means insurance through AustralianSuper gets a tax benefit that could make it significantly cheaper on an after-tax basis when compared to a non-super insurance policy.
The amount saved could be used to increase your level of insurance cover, meaning you get more cover at no extra cost.
Insurance through a super fund may be an ideal strategy if you have a young family and you’re looking for financial security.
How we pass the deduction back to you
AustralianSuper effectively passes back to members the available 15% tax deduction on insurance premiums.
We do this by taking the insurance premiums from your tax deductible contributions before the government tax is applied. This way, no contribution tax is charged on the premiums and you get the tax benefit.
Other great reasons to insure with AustralianSuper
- cover is provided 24 hours a day, seven days a week – not just when you’re at work – so you can rest easy knowing you’re covered
- premiums at discounted bulk rates, less than what you may pay as an individual
- hassle-free premium payments that are deducted from your account each month
- an option to increase your cover at any time to suit your needs (you may have to provide health information to the insurer).
Use AppleCheck^ and compare our insurance.
^Super AppleCheck is provided by research consultant, Chant West Financial Services. While AustralianSuper has paid Chant West a fee for making the service available to you, AustralianSuper has no influence over the research results and ratings and does not accept responsibility for any loss or damage caused by the service.