Protecting You and Your Family

Many financial planners consider that risk protection (insurance) is one of the most under-appreciated aspects of a person’s financial affairs.

While it’s not directly about protecting your investments, it is about avoiding losing everything you’ve achieved if something happened to you or your family – because you weren’t adequately insured – so it does make sense to make it part of your overall financial strategy.

How to use Catholic Super to Pay for your Life Insurance

Superannuation can be used as a tax effective way of getting insurance cover, specifically life insurance and total and permanent disablement (TPD) cover.  You can benefit because the earnings within the superannuation fund can be used to pay for the premiums.

• If you are self-employed you can claim a tax deduction for the contributions to the superannuation fund which in turn funds the cost of the premium.
• As an employee you are able to salary sacrifice part of your salary into superannuation using pre-tax dollars to pay the insurance premium.

Types of Insurance

Income Protection Insurance

Income protection will pay a regular income to a person if they are disabled by an injury or illness. 

Total and Permanent Disablement Cover

Lump sum disablement cover provides a lump sum for a person should they suffer from an illness or an injury which prevents them from working. 

 

Death Cover

Life insurance will pay a lump sum to the owner of the policy on the death of the insured person.  It is important to discuss ownership structures with your financial planner, so you can decide how the money would be paid (eg. through superannuation, self ownership or ownership by a third party).

Find out more about what insurance options are available with Catholic Super .

Seek Financial Advice

When considering which insurance is right for you we strongly recommend you obtain independent financial advice before making a decision to ensure you are fully aware of tax and other implications.

How Can Catholic Super Help?

Catholic Super offers financial and retirement planning services to all members through its wholly owned subsidiary, CSF Financial Services Pty Limited (AFSL 298046). Our professionally trained staff are able to provide these services to all Catholic Super members.

You can find out more about CSF Financial Services Pty Limited in the Fund Features section of this website or you can contact us .