Overview
Linking an insurance policy to a super fund allows clients to pay for their cover using superannuation contributions, potentially improving cash flow and tax efficiency. AdviserLogic provides a streamlined process to ensure that policies are correctly linked while maintaining compliance with fund rules and legislative requirements.
When to Link Insurance to Super
To utilise superannuation contributions for premium payments and reduce out-of-pocket expenses.
For tax-effective structuring, ensuring clients maximise available deductions and concessions.
To consolidate policy management, simplifying financial planning and reporting.
When setting up risk strategies that align with a client’s retirement and financial goals.
💡 DataFed Insurance & Superannuation Integration
If the insurance policy is DataFed, follow the Datafeed Instructions to ensure linked to the client’s superannuation account if funded through super.
Where super is the policy owner, it should be mapped to the corresponding super fund account rather than the client or partner.
Please ensure that the relevant super fund account is already present in the respective client's superannuation section.
This ensures premium payments and policy details are accurately reflected in AdviserLogic. To confirm this linkage, navigate to Fact Find > Insurance, check the policy funding details, and verify that the correct super fund is associated.
By correctly linking insurance policies to super, you can provide clients with a cost-effective, structured approach to risk management while ensuring their financial strategy remains flexible and tax-efficient.
Linking Insurance to Super
⚠️ Important
Before linking an insurance policy to a super fund, ensure that the relevant super fund account is already added in the client's Superannuation section. This will allow for a seamless connection between the policy and the superannuation entity, ensuring accurate premium payments and compliance.
If you need to link a client’s insurance policy to their super fund, you must set the policy owner as "Superfund" in AdviserLogic.
🔹 This can be done while adding a new policy under Insurance > Existing Policies.
🔹 Alternatively, you can edit an existing policy and update the ownership details.
Ensuring the correct ownership setting allows AdviserLogic to accurately track premium payments through superannuation, maintaining compliance and financial clarity.💡
To link insurance to super, navigate to the Fact Find > Financial > Insurance section from the clients record.
Select the insurance tile to be linked to super.
Navigate to the cover to be linked with the superfund entity select the super entity as the owner from the dropdown options.
To link a client’s insurance policy to their super fund, navigate to the cover that needs to be linked, then select the super entity as the owner from the drop-down options. This ensures that premium payments are correctly processed through the super fund.
📌Note
this will need to be repeated for each cover
Viewing Linked Insurance Policies in Superannuation
To view the superfund, navigate to the super section of Fact Find > Financial from the top of the screen.
When you open the Superannuation screen, you will now see a snapshot of the policy details along the bottom of the superannuation tile.
When you open the tile you will now see a new section titled Policy Details.
This section displays the linked insurance policy, ensuring that premium payments and coverage details are correctly associated with the superannuation account.
Expanding the Policy Details heading reveals key information about the linked insurance policy, including:
Policy Status – Indicates whether the policy is active, pending, or lapsed.
Premium Amount & Frequency – Displays the cost of the policy and how often payments are made (e.g., monthly, annually).
Sum Insured Amount – Shows the total coverage amount of the policy.
This ensures transparency and easy tracking of insurance policies linked to the client’s superannuation, which is essential when creating advice, calculating affordability, and ensuring compliance with contribution limits and tax considerations.