life events

Virgin Insurance, Life Insurance and Underinsurance in Australia

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Australia has a sophisticated and well-developed insurance market, which can be divided into roughly three components: life insurance, general insurance and health insurance. 

Taxation of Life Insurance Benefits

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Non-binding nomination

  •  Trustee will consider nomination, but has ultimate discretion 
  •  Members may nominate in any proportion they deem appropriate their legal personal representative, spouse (legal. de-facto or same-sex), child (stepchild, adopted, ex-nuptial child of any age), part of an interdependency relationship, or any person who is financially dependent at time of death
  • This looks at SIS dependency – so who can you nominate to get the money under a non binding nomination?

Who can receive Death benefits paid from Superannuation tax free?

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SIS Dependants:

  •  Spouse, de facto ss couple
  •  Child of any age
  •  Financial dependant  (full or partial)
  •  Interdependency relationship
  •  LPR (Legal Personal Representative)

Tax Dependants:

  •  Spouse de facto ss couple
  •  Child under age 18
  •  Financial dependant (full or partial)
  •  Interdependency relationship
  •  LPR (Legal Personal Representative)

Life Stages Planning

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You should understand the advantages and limitations that may impact your investment strategy as a result of your age group. Select your age group from the following list.

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