General Discussion Topics, page-28545

I'll pass on my experience when using a SMSF. If you want to take out life insurance it is more expensive to arrange in a SMSF. Industry funds etc have a much better buying rate for life insurance as long as you go for tailored insurance at a level consider appropriate.

If you just take their default life insurance you pay at a much higher rate for the small level of cover they give you, which seems to be age based and the level of cover reduces as you get older to be nearly negligible, eg. $50k - $80k, which is nothing.

in my experience the best thing to do is transfer the majority of your super to your new SMSF and retain the old super eg. industry fund etc, in your existing account with enough to meet costs of tailored life insurance (eg $1m cover +/-) payable monthly and just top it up when needed to meet life insurance costs.

Also, fees are usually based on a flat amount plus a % of funds invested so fees should be low when maintaining the existing industry etc account. Further, the savings in industry etc fund fees will contribute a lot towards costs of maintaining the SMSF, which could be anywhere between $1k and $2.5k p.a.

Just my thoughts from experience - and assume you will include some SYA in your SMSF..