Having the right insurance cover such as illness and accident cover within your super fund is very important as it provides a level of security for members of the fund along with their families. Choosing the right insurance cover can be arranged by the SMSF trustee/s.
Generally, there are three types of insurance that are available through super, with these being:
Income Protection Cover (IP) – this type of cover is relevant when you cannot work due to a temporary illness or disability. It provides an income stream whilst you are off