Life insurance is not deductible to the employee as opposed to income protection insurance which is income based hence deductible. However any Life Insurance premium paid by the Trustee of the Super fund to insure life of a member of the Super Fund is tax deductible to the super fund.

Each member has to record a binding nomination at the time of joining the DIY Super Fund.

Trustees of DIY Super Fund can establish an insurance cover e.g. insurance policy for death, to be taken out by the fund. In case of death of any member the policy will be paid out to the Trustee of the fund who has to pay the benefits as per the binding nomination of the member.

UC Services can assist you organizing an insurance cover for members of your DIY Super Fund.