Upcoming changes to insurance in super
Estate Planning Update – Summer 2013
From 1 July 2014 SIS will restrict the types of insurance and features that can be held inside superannuation, such as ‘own occupation’ TPD insurance and certain features and options of other TPD insurance definitions (SIS reg 4.07D).
The regulations require alignment of the definitions of insurance held inside superannuation with the SIS payment rules from 1 July 2014. Transitional rules ensure that cover held for existing fund members that is in place prior to 1 July 2014 will not be affected.