SMSF Life Insurance Reviews provide a quick, easy, online tool for you to proactively help your clients document their compliance – in a few clicks.
Import all SMSF clients and complete the one off setup in less time than it takes to power up your laptop.
The full life insurance consideration process can also assist with SIS Reg. 4.09 (2) (c) and (d), by reminding trustees to also consider liquidity, cash flow requirements and the ability of the SMSF to discharge existing and prospective liabilities, if an SMSF member dies or is disabled.
Help protect your clients and your firm from aggressive insurance litigation lawyers.
SMSF clients can avoid fines by complying with this important area of the SIS Act Investment Strategy Operating Standard.
Provides a record of insurance consideration for your clients annual audit.
Should your client require further insurance advice, you can help them with selecting someone they can trust.
The SMSF Life Insurance Review process is independent of product providers and provides your SMSF clients with factual information and an objective approach to considering life insurance, so that they can make an informed decision about seeking life insurance advice for fund members or not.
No, it is not compulsory to own insurance for fund members.
It is only compulsory to fully consider and document whether it is appropriate or not, to hold a contract of life insurance for one or more members of the fund.
SMSF Life Insurance Reviews can you and your clients do this in a couple of clicks online, as part of the funds audit process.
The Investment Strategy Operating Standard under SIS Regulation 4.09 (2) (e) requires the trustee to formulate, review regularly and give effect to an investment strategy that has regard to the whole of the circumstances of the fund, including whether the trustee should hold a contract of insurance that provides insurance cover for one or more members of the SMSF.
Simply including an insurance sentence in the annual meeting minutes does not prove that the trustee has adequately considered the circumstances of the fund; and whether it is appropriate to hold insurance to cover events such as a fund member's death or disability.
It is crucial for SMSF Trustees to properly consider insurance, because the death or disability of a fund member can impact on the:
SMSF Life Insurance Reviews will provide specific factual information to help SMSF Trustees make a quick and easy decision, whilst also documenting this process for them and providing a record of life insurance consideration for their SMSF's audit.
Providing this comprehensive compliance process to your clients, will also help protect you and your firm from financial loss claims, if adequate insurances aren't in place when the death or disability of fund members occur.
Yes, as simple as 1, 2 and Done.
We mean it when we say it is a couple of clicks for each client, once per year.
Getting started can be done in seconds because you can:
It takes 30 seconds to register for your free trial and linking this tool with BGL 360 or Class Super can be done in a couple of clicks.
It takes approximately 15 minutes to setup and we help you do this, so you don't need to worry about learning a new system.
Setup Cost: It is only a one off $7 + gst setup for each fund.
When you are ready to finalise your clients annual insurance considerations, we will provide each of your SMSF clients with a personalised annual life insurance consideration document and record of consideration.
Ongoing Cost: You can complete an unlimited number of annual life insurance considerations, starting at just $40 + gst per month for your firm.
They will receive:
As your clients accountant, you also receive copies of the above for each of your client files.
When completing the life insurance review questionnaire, we will ask you to select who you want your clients to speak to if they want advice or need some help.
The 3 options are:
Trustees need to 'regularly review' whether they should hold insurance that provides cover for the members of their fund. Best practice is to undertake this process at least annually or more regularly if there are significant changes to the SMSF's structure, number of members, investment strategy, debt position or a fund member's personal financial position.
The platform tracks and manages everything for you, including letting you know if you or your clients need to action or check something.
Using the integrations with Class Super and BGL, makes the SMSF Life Insurance Reviews experience seamless.
Please contact your SMSF Accountant and ask them to start an SMSF Life Insurance Reviews insurance consideration for you.