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Luke on 2CC – How to use superannuation to fund your insurance and is your cover still right for your needs?
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Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 11 April 2025. The topic for this week is: How to use your superannuation to fund your insurance needs. In this episode our own Financial Planner Luke Smith takes a deep dive into the issues you may consider when considering how to pay for the insurance you need, for your family and yourself.
Thank you for joining us live on 2CC, YouTube or your favourite podcast streaming service with ‘The Strategy Stacker – Luke Talks Money’.
Key topics covered include:
- When people think about super, they think about retirement issues, not insurance
- Insurance is however a part of the offering of most personal and industry superannuation funds
- A good starting point, is seeing what insurance you currently have in your superannuation
- Questions you should ask yourself when reviewing your insurance
- Insurance policies can be owned outside of super or inside of super
- What kinds of insurance cover do you have inside your super
- Your insurance needs will change over time, so your current cover may not meet your needs
- How long will income protection cover last for?
- How much will income protection cover pay you?
- If you pay for income protection outside of super, you get a tax deduction for it
- What is the waiting period for your insurance – that is the time before the will pay you?
- Life and TPD cover can also be inside your super – does the money come out tax free?
- Did you know you can have multiple claims on an income protection policy over your life?
- What are the important issues to consider around Total and Permanent Disability insurance?
- Why is own occupation the better TPD policy definition
- What is trauma cover? It can only be held outside of super however!
- Luke shares his top issues to consider when you’re considering using superannuation to fund your insurance needs
Our podcast is also available on Apple Podcasts, Spotify and YouTube – ‘The Strategy Stacker – Luke Talks Money’
Do you need help with reviewing your insurance inside or outside of super?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement (including transition to retirement). Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
Luke will return to 2CC to talk about other ‘Money Matters’ next week, we hope you can join us. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.
We look forward to your company again. Luke’s book Smart Money Strategy is out now.
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