Research conducted by Plan for Life has reported that 84 per cent of SMSF members aged 18 to 64 years do not hold any life insurance. This is in spite of government legislation which imposes an obligation on trustees to consider insurance for their members.
The report estimates that the total number of SMSF members without insurance is over 630,000.
Brad Fox from the Association of Financial Advisers called this number “incredibly high” and indicative of an enormous gap that needs to be addressed.
More information for SMSF Trustees looking to insure their members can be found at Insurance for Self Managed Super Funds. SMSF members can run quotes and apply for cover online using Insurance Watch’s Compare Quotes.