A recent article by Life Insurer TAL explored the payment of Life Insurance claim proceeds to a child or children under the age of 18 which highlights the significance of considering estate planning as part of designing a personal insurance program. The surviving legal guardian of the child may have the the ability to make financial decisions on behalf of the child which needs to be considered in the context of the deceased parents wishes.
From 1 July 2017, significant changes to superannuation, consequently impact insurance and succession planning strategies which may give rise to the need for reviewing of existing insurance and estate plans.
- Dependents can now choose from which super fund their pension commences by rolling over to their fund of choice.
- Limitations now apply on the ability to receive Life Insurance proceeds as pensions.