Super Cover

Super Cover's SMSF product is designed to protect SMSF’s against some of the costs involved in the event that one of these risks inadvertently comes to fruition

  • The SMSF industry is growing at a rapid rate with an estimated market of over 500,000 currently registered.
  • Banks, Administration platforms, Financial advisers and Accountants are all actively providing advice, products and services to SMSF’s

Overview

The aim of the Super Cover's SMSF product is to provide a cost effective insurance solution to some of the risks that have the potential to reduce the assets of the fund.

The four major risks of SMSF’s:

  • Non Compliance
  • Liability
  • Reduced Safety Net
  • Investment Risk

Other risks

  • Keyman (trustee) reliance
  • Operational risk

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How does it work?

  • Banks, Platform providers, Financial advisers, and Accountants agree to market the Super Cover products to their SMSF customer base
  • Advisers are trained in the product and provided with an advisor code
  • Advisers or SMSF Trustees directly complete basic information in purpose built website and obtain a quote
  • A specific adviser code recognises they are the advisers customer and adds a pre agreed administration fee
  • Information is completed – 6 questions mainly around claims etc
  • A quotation is provided including premium, statutory charges and the advisor administration fee
  • A Super Cover support centre would be available if there are any questions about the product or the process.
  • The Adviser or SMSF Trustee accepts the quote, pays and produces their policy wording immediately from the system
  • The adviser can email the wording to the customer
  • The adviser group then receive a report of who has purchased the policy together with payment of the administration fee.
  • The whole product can be White Labelled for specific Adviser group or platform branding etc.

Benefits

The SMSF Trustee

  • A cost effective transfer of risk to an APRA regulated insurer – premiums start from as low as $650
  • Tax deductible premium payable within the SMSF (separate tax advice required)
  • Professional support in the event of a claim arising
  • A simple easy to use process providing policy documentation online
  • Reduces the potential impact of the cost of risks on hard earned retirement savings
  • Ensures funds assets are used for investment and asset growth not legal and defence costs

The Adviser/Platform/Financial Institution/Accountant

  • Closes a current gap in advice and products being provided
  • An additional product offering for their current and potential clients
  • Shows a proactive level of engagement to ensure SMSF’s are receiving the most up to date advice and products
  • An additional income stream via the Adviser policy administration fee.
  • Assistance and support via the Super Cover team members.

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