October 20, 2025

Luke on 2CC – How much life cover do I need in my super?

18 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra in Money Matters, which aired live on Friday 17 October 2025. The topic for this week is: How much life cover do I need in my super? It’s a topic many people don’t think about but something you should come back to every year or two. It’s vitally important, and if something untoward was to happen to you. Most people would want their loved ones to be adequately provided for and understand the tax outcomes. Luke is joined by Leon of 2CC to take a deep dive into the issues you should think about when reviewing your life cover.

Thank you for joining us live on 2CC, YouTube, Spotify or your favourite podcast streaming service for ‘The Strategy Stacker – Luke Talks Money’.

Key topics covered include:

Does you super fund offer life insurance and do you have it?

Life insurance cover can be held inside of super and also in your own name.

The outcome however is not the same and if you think it is, it’s a wrong assumption!

A good place to start is to think about why you want life cover. What peace of mind and financial benefits should it provide?

Should you have it inside super or outside of super?

What are the benefits of holding life insurance inside super?

Can you hold life insurance in a policy and get your super fund to pay for it?

Are there risks of taking a policy out from the TV?

You need to think about where and to whom the money will be paid. There are very BIG tax issues to consider that most people do not!

Is there a way to structure life cover so your beneficiaries don’t pay tax for non-dependent children?

You need to think about life cover as a living issue, children grow up. When they turn 18 they will be considered non-dependent children and be liable for tax if the policy is held inside super.

Review your cover annually to take into consideration your changing needs and situation.

Do you have the right estate planning document in place, for example, a Testamentary Trust in a Will.

Do you have binding or non-binding death nomination in your super? Has it lapsed?

Good estate planning advice can get you better outcomes than you can achieve by yourself.

Can you have life cover inside your super and outside of your super? Or can you only have one option?

Luke shares his top tips when considering life insurance cover. Seek advice and apply the rules that apply best to your situation.

https://www.envisionfinancial.com.au/wp-content/uploads/2025/10/The-Strategy-Stacker-Luke-Talks-Money-17102025F.mp3

Our podcast is also available on Apple Podcasts, Spotify and YouTube – ‘The Strategy Stacker – Luke Talks Money’

Do you need help planning your life cover properly?

Reviewing life cover gives families peace of mind that they will have the financial outcomes they need. If you’ve got doubts or questions, make an appointment to meet with Luke as part of your bigger financial planning goals.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement (including transition to retirement). Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your own goals and situation.

Luke will return to 2CC to talk about other ‘Money Matters’ next week, we hope you can join us. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.

We look forward to your company again. Luke’s book Smart Money Strategy is out now.

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By Luke Smith