Definitely, some insurances can be paid for within a superannuation. The main types of protections that one can hold within a super fund are your standard life policy, which pays out a lump sum on death. The second policy is a total and permanent disability policy, which pays out, again, a tax-free lump sum if the member or the beneficiary has been totally and permanently disabled, which means that they cannot return to the workforce.
The third type of policy that one may wish to hold within a super fund is an income-protection policy or a salary continuance policy. This type of policy pays out an income stream which can be up to 75% of your pre-tax income. It can be paid out as a benefit to the beneficiary or the life insured should they suffer some sort of injury or illness that doesn’t allow them to return to the workforce for a period of time.
It’s always best to receive advice or instruction with your insurance because there are tax benefits to holding some of these inside and outside of superannuation. It’s best to talk to insurance specialists just like we have here at VFS Group to give you the best possible advice.