SMSF Insurance provided by AIA/AGI through BGL

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Overview


As part of an SMSF’s investment strategy all SMSF trustees are now legally obliged to consider whether to hold insurance for their members. 

To assist trustees in fulfilling this obligation, BGL has recently integrated a streamlined solution for SMSF users which provides them access to personal insurance which has been exclusively designed to meet the needs of people with their own SMSFs.

The Self-managed Superfund (SMSF) Master Insurance Plan provides SMSFs online access to insurance at competitive wholesale rates – potentially providing significant savings for members on standard death, total and permanent disability (TPD) and income protection (IP) cover. This insurance is underwritten by AIA Australia, one of the largest insurers in the country who provide life insurance to over 3.2 million Australians. AIA has partnered with Australian Group Insurance Pty Ltd to administer this policy on their behalf and to offer a fully comprehensive life insurance plan specifically designed for SMSF trustees.

 

Cover Overview Maxiumum Cover
Death
Death cover can provide your beneficiaries with a lump sum benefit if you die or are diagnosed with a terminal illness
Unlimited
TPD
TPD cover can provide you or your beneficiaries with a lump sum benefit if you are sick or injured to the extent where you are not expected to ever work again
$3 million
Income Protection
Income Protection cover can provide you with an ongoing monthly income in the event that you become totally or partially disabled (either temporarily or permanently) and are unable to work due to sickness or injury
$30,000 per month

How to request an insurance quote using Simple Fund 360


As a trustee of an SMSF, did you know that you’re legally required to consider the insurance needs of your members and review this annually? Breaches can result in heavy penalties, So it’s best to have the right protection plan.

Using the big data analytics available in Simple Fund 360 quickly identify any funds that have not recorded any Insurance premiums to account 39000/MemberCode and 39300/MemberCode over the past 12 months.

From the Fund Workflow screen simply set the filter to show a fund that has insurance and may require a policy review or funds that have no insurance recorded and require a quick quote.

 

 

Once a filter has been set you will now be able to select Get an Insurance Quote Now.

 

 

To process the application Simple Fund 360 will require the following details to be entered.

  • ABN - To update the ABN in Simple Fund 360 check out the Fund Details help.
  • Fund Postal AddressTo update the Postal Address in Simple Fund 360 check out the Fund Details help
  • Fund Trustee Type - To review the trustee setup navigate to Fund Relationships. 
  • Member Details such as surname, first name, address, email, gender and date of birth - navigate to the Contacts List to review Member Details.

 

Simple Fund 360 will now filter on the fund and show members who are uninsured and members who are ineligible.

 

 

Select which fund members require an insurance quote and click on Get a Quote.

Simple Fund 360 will now direct you to Australian Group Insurance and provide an on-screen estimated cost of cover. Once the policy has been formally reviewed to continue with the application select PROCEED

An email (example below) will be sent to the members giving them the opportunity to not only meet their obligations as trustees, but to provide members with protection for themselves and their beneficiaries. To complete the personalised quote an online application can be accessed from a direct link within the email.

Sample Email from AGI to SMSF Members


 

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