Spring Financial Group has selected AIA as its insurance partner on a new platform targeting the self-managed superannuation fund (SMSF) market.

Cover offered on a self-select basis will include life, total and permanent disability, and income protection.

Spring MD Keith Cullen told insuranceNEWS.com.au cover will be supplied as a group life policy on the new mysuper247 platform.

“We believe so many SMSFs are not advised or poorly advised on the life insurance component of their fund,” he said.

“A trustee will be directed to the AIA products on the platform, but they will be able to get scaled advice from our wealth management advisers if they want a full insurance review.”

Trustees seeking a full insurance review can access other life insurers’ products based on their needs. 

Mr Cullen says Spring has a strong education package to support its advice offerings.

“We have a seven-part trustee education program, Swimming Between the Flags, that includes insurance,” he said. “As people become educated, they will see they need insurance, and that is definitely something we want to see happen.”

The new platform will use technology to help trustees establish and operate SMSFs.

“Trustees and members will be provided with Australia’s most advanced suite of SMSF management and reporting tools through Class Super’s digital tool set.

“Also, mysuper247 members will be able to access professional advice as and when they need it.”