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What we can offer

Under superannuation law, SMSF trustees are required to regularly consider the insurance needs of their members.

But it’s not just about selecting any cover, insurances within super need to be compliant with the Superannuation Industry Supervision Act 1993.

With CommInsure Protection’s SMSF Plan you get a customised product designed to comply with rules around holding insurance in super. This may reduce the compliance burden on you as a trustee. 

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Why choose CommInsure Protection SMSF Plan?

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Designed for SMSFs

Insurance for members of an SMSF can be complex, which is why we have designed the SMSF Plan specifically to comply with the rules.  Our experts can talk you through the options for structuring cover for your members.

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A brand you can trust

Commlnsure is a leader in the Australian insurance industry with over three million customers. With roots dating back 140 years, we have a history of financial strength, security and reliability.

We provide quality insurance products and pay all legitimate claims.

Insurance within Super

As the SMSF insurance policy is held within super, premiums can be paid from the SMSF cash account, so you won’t wear the cost from your personal bank account. These premiums may also be tax deductible. Please seek advice from your professional tax adviser.

Types of cover available with CommInsure SMSF Plan

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Life Care

Life Care provides a lump sum payment in the event of terminal illness or death. There is no limit on the amount of cover a member can apply for.

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Total and Permanent Disability Cover

TPD cover is designed to protect members and their families against the financial consequences of serious injury or illness and pays a one-off lump sum if the member is totally and permanently disabled.

Income Protection

This cover pays up to 75% of a member’s income if they are unable to perform all or part of their occupation due to illness or injury.

Essenitial cover

Essential Cover

A simple, low cost cover which generally pays up to 75% of a member’s income if they are unable to work due to an accident.

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Accidental Death Cover

Provides cover of up to $1 million if a member dies in an accident. It can only be purchased together with an equal or higher amount of Life Care.

How to apply

Talk to one of our SMSF specialists in the first instance. They will get you started on the process and put you in touch with an adviser who will help you structure cover to suit your SMSF members’ needs.

Your adviser will need some information about your fund and its members, such as:

  • Whether your SMSF has an existing insurance strategy
  • What coverage your members already have inside and outside super
  • Members’ ages, income, assets and liabilities
  • Whether any members have dependents.
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Do more with your SMSF

Portfolio - Get a single view of shares, cash and property to build your investment strategy.

Products - Access a range of products to help you manage and invest your retirement savings.

Services - Learn how to set up and run your SMSF, get industry news and financial advice.

Support - Get the product support you need from our trained SMSF specialist team.

Talk to an SMSF specialist

Things you should know:

This information is prepared by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. Registered office: Ground Floor, Tower 1, 201 Sussex Street, Sydney, NSW 2000. For terms and conditions of the products mentioned, please visit any of our branches, or call us on 1800 138 363, Monday to Friday, 8.30am to 5.30pm AEST.

CommInsure is a registered business name of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 (CMLA). CMLA is a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia. SMSF Plan is part of CommInsure Protection. The Product Disclosure Statements (PDS) for CommInsure Protection and CommInsure Guaranteed Annuities are issued by CMLA.

The information contained may include general advice but does not take into account the investment objectives, financial situation and needs of any particular individual or trustee of a self-managed super fund. You should assess with the help of legal, financial and taxation advice, whether the information is appropriate in light of your own circumstances before acting on it.