How many types of self-managed super funds are there?

There are two main types: multiple member funds and single member funds.

What does income protection insurance normally pay?

It usually pays 75% of your income if you are unable to work due to illness or injury. Although some can pay up to a maximum of 85%. You can compare % of income covered by direct income protection insurers here .

Can I transfer my current income protection policy into my SMSF?

No, a SMSF cannot acquire an income protection policy from a member. A new policy must be taken out in the trustee's name.

Will I need to have a medical test?

Yes, to be covered by income protection insurance inside an SMSF, you will typically need to do a medical examination.

I am self-employed. Which waiting period should I choose?

The shortest possible waiting period. As you have no sick pay entitlements, you will need the benefit as soon as possible after becoming ill or injured.