From Cavendish SMSF Administration (14 August 2012), the SIS Act has now been changed to require, for the 2012-2013 financial year and beyond, that:
Trustees of self managed superannuation funds (SMSFs) consider insurance for their members as part of the fund’s investment strategy;
This does not mean that life insurance must be included in every Fund but it does mean that the Investment strategy should show that the matter has been appropriately considered.
There are specific SMSF life insurance products for trustees that are new and low cost. Call Veronia on 1300 78 55 77 to chat about their suitability for your fund.