Asteron Life Complete Superannuation

Information verified correct on September 27th, 2016

Discover the benefits of Asteron Life Complete Superannuation cover

With Asteron, you can hold your life insurance and superannuation accounts simultaneously, so you manage one financial product, with one service provider, more easily. With a linked product like Life Complete Superannuation, your insurance cover continues for as long as you are eligible to make superannuation contributions, or have an employer make them for you. And don’t worry if you already have a super account with another fund, because you can easily work with Asteron to transfer your balance, to your Life Complete Superannuation account.

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Features of Asteron Life Complete Superannuation

Life Complete Superannuation from Asteron allows you to go on maintaining a life insurance policy, for which the premiums are paid from the balance of your super, so you don’t have to worry about adding another bill to your monthly budget, but your family are protected in case you die – while your retirement remains protected by the superannuation portion of your account.

Your Asteron Life Complete Superannuation account features:

  • Receiving employer contributions: You can join and contribute to a Life Complete Superannuation account if you are under 65 years old and eligible to receive super contributions from your employer. If you are 65 to 74 years old, you are eligible to make personal super contributions and receive employer contributions if you have worked at least 40 hours in a consecutive 30 day period during the financial year in which the contributions are made.
  • Make personal contributions: To boost your super fund balance and really take control of your future, you can make personal contributions to your fund. To make sure your personal contributions are accepted by Asteron into your super fund, you must provide your tax file number.
  • Pay your life insurance premiums with your roll over amount: To enable you to avoid out of pocket expenses for your life insurance policy as part of your Life Complete Superannuation policy, Asteron will accept rollovers as a payment method, as long as the rollover amount exactly matches the premium amount.
  • Nominate your beneficiaries: When you apply for Asteron Life Complete Superannuation you can nominate your dependents, and you can also choose a personal legal representative to receive part or all of your benefit in the event of your death. According to superannuation law, your dependents may be: your spouse, your child regardless of their age, someone who has an interdependency relationship with you, or your financial dependent.
  • Lump sum death benefit: In the event of your death, your family will need to access your life insurance benefit as quickly and as easily as possible, which is why Asteron pays the death benefit as a lump sum amount. The death benefit can also be provided as an income stream to your beneficiaries through your Life Complete Superannuation account to provide ongoing support to your dependents, in a more tax effective way for them.
  • Invest your death benefit payment: You can also choose to have your death benefit invested in your choice of portfolios, as an alternative way to provide your dependents with a regular income stream after your death.
  • Terminal illness and permanent disability cover: In addition to death benefit coverage, you can also select a benefit to receive a payout from your Asteron Life Complete Superannuation if you become terminally ill, or totally and permanently disabled. You may also be able to make a claim on your Asteron policy if you are temporarily incapacitated, and use the coverage as an income replacement.

Taxation of the cover

The taxes on your superannuation can become quite complicated to understand, however, it is important to know that there are ways you can minimise the taxes and fees you are charged on your super, and minimise the amount your beneficiaries may lose to taxes in the event of a death benefit payout. On your Asteron Life Complete Superannuation you will need to be aware of:

  • A 15% tax on your contributions: All employer or deductible personal super contributions are taxed at 15%. This may not be payable if the super fund can claim tax deductions for your life cover, TPD and income protection insurance premiums.
  • Death benefit tax: The tax applied to a death benefit is based on the person receiving the benefit. For example, no tax is applied to the benefit if it is being paid to your spouse or dependents. However, adult children receiving a death benefit payment may be taxed if the benefit is paid as a lump sum.

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