Fund your life insurance with funds from your Super with ClearView
ClearView LifeSolutions Super takes care of your life insurance needs, while also saving for the future you want. It is a part of the ClearView Retirement Plan, which allows you to combine your life, total and permanent disability, income protection cover within a superannuation environment.
Holding your life insurance policies through ClearView LifeSolutions Super may provide some tax benefits, while also providing cost-effective insurance solution at the same time. ClearView Life Solutions Super account accepts rollovers from your existing complying superannuation fund to pay the premiums on your life insurance cover. This way you can manage your finances more effectively and efficiently.
How Can I Apply for ClearView LifeSolutions Super?
You must be eligible to contribute to superannuation if you want to apply for cover through ClearView LifeSolutions Super. You must also have contributions made on your behalf, such as your employer, or have the ability to pay for the insurance premiums by rolling over your super benefits from your existing fund into ClearView Retirement Plan account. The following eligibility rules based on your age will also apply:
- Under 65 years old: Eligible contributions to your Clear View Life Solutions Super account include those made as compulsory employer contributions, other employer or personal contributions or spouse contributions.
- 65 to 69 years old: If you are working for at least 40 hours in 30 consecutive days, ClearView will accept compulsory employer contributions, other employer or personal contributions and spouse contributions.
- 70 to 74 years old: If you are working for at least 40 hours in 30 consecutive days, you can receive compulsory employer contributions, other employer contributions and personal contributions, excluding spouse contributions.
- Over 75 years old: Clear View accepts only compulsory employer contributions.
Features and Benefits of ClearView LifeSolutions Super
With ClearView LifeSolutions Super, you can hold your life, TPD and income protection cover through your superannuation and keep on top of the premium payments through your super balance. You also have access to the full features and benefits of ClearView LifeSolutions policies that are held outside of a superannuation environment, although some limitations may apply. It is important to have a read through of the Product Disclosure Statement (PDS) to have a clear understanding of what you will or will not be covered for.
Some of the features and options that are available through ClearView LifeSolutions Super include;
ClearView LifeSolutions Life Cover
- Death and terminal illness cover: ClearView will provide a benefit payment to your nominated beneficiaries in the event of your death or when you have been diagnosed as terminally ill, with less than 12 months to live.
ClearView LifeSolutions TPD Cover
- Any occupation TPD cover: If you are unable to work due to an illness or injury for three consecutive months, in which you are unlikely to ever again perform the duties of an occupation that are you reasonably suited by education, training or experience, ClearView will pay your benefit amount.
- Day 1 TPD cover: In the event that you suffer from a specific medical condition (as listed in your TPD policy) and provided that you satisfy your TPD definitions, ClearView will waive the three months qualifying period.
- Death benefit: If you pass away, ClearView will pay a benefit of $10,000, provided that no TPD benefit is payable or has been paid.
ClearView LifeSolutions Income Protection and Income Protection Plus Cover
- Indemnity type cover: When held inside super, your income protection benefit amount will be indemnity-based. This means, the monthly benefit you receive will based on your income at time of claim.
- Waiver of waiting period for specific medical conditions benefit: ClearView will waive your waiting period in the event that you suffer from a specific medical condition (as listed in your policy) and you are totally disabled.
- Relapse benefit: In the event that you suffer from a similar or related medical condition that triggered your previous claim within 12 months, your waiting period will be waived.
- Waiver of premium while on claim benefit: ClearView will waive your premiums while you are receiving your monthly benefits.
- Waiver of premium if on maternity leave benefit: Your premiums will be waived for up to three months while you are on maternity leave.
- TPD lump sum option: You can opt to receive your benefit in a lump sum if your disability is deemed to significant and meet the definition of own occupation TPD. This type of benefit will affect the tax deductibility of your premium.
Features available with all ClearView LifeSolutions Super plans:
- Indexation benefit: To keep up with inflation and rising living costs, your cover amount will be automatically increased each year in line with the Consumer Price Index (CPI) or to a minimum of 5%.
- Future increase benefit: Your needs will change depending on specific life events that occur. With ClearView, you can increase your benefit amount at these life events without having to provide further medical evidence.
- Suspending cover benefit: Instead of cancelling your cover altogether, you can put your cover on hold if you are experiencing financial hardship, unemployed or taking extended leave from the workforce.
Other Features of Clear View Life Solutions Super Insurance
While there are benefits to holding your life insurance products within your super account, you need to be aware that not all benefits and options on an insurance product will be available if that cover is through a super account. Clear View Life Solutions Super is structured as a policy issued to the trustee, and you are the person insured under the policy, where the trustee only accepts your application for membership to the fund, if Clear View accepts your application for cover.
Features of Clear View Life Solutions Super:
- No investment component: The Clear View Life Solutions Super account is not an accumulation fund as it does not have an investment component. This means that the trustee is not able to accept government co-contributions into your account.
- Paying your premiums: The premiums for your insurances within your Clear View Life Solutions Super account can be made via an allowable contribution, or can be rolled over from another super fund.
Different Types of Super Contributions to Pay for Your Premiums for ClearView LifeSolution Super
Allowable contributions can be those made by your employer, your spouse, or your own personal contributions, which are defined as:
- Personal contributions: These are contributions you make, or those which are made on your behalf, from your after tax income, your personal contributions which you can claim as a tax deduction, foreign super funds, directed termination payments, eligible proceeds which relate to CGT small business concessions or payments which relate to structured settlements or orders for personal injuries.
- Spouse contributions: Is when your spouse makes a member contribution to your super fund for your benefit. This is defined as being paid using after tax money and is treated as a non concessional contribution. If your spouse makes contributions to your super account they may be eligible for a tax rebate of up to $450.
- Employer contributions: Are made when your employer contributes to your super fund for your benefit. These contributions can include salary sacrifice contributions as well as those made as compulsory contributions as part of your employment agreement.
When considering the most effective way to contribute to your ClearView Life Solutions Super account, keep in mind that all contributions will be counted when it comes to calculating the contribution cap places on superannuation by the Australian Tax Office. The amount of the cap depends on the type of contributions, but remember that contributions you make to cover your insurance premiums count towards the contributions cap, and excess contributions can be taxed at between 31.5% and 46.5% in a financial year period.