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If a fund has received a payout for income protection cover for a member, does the fund have to pay out the proceeds to the member, the member does not need the money and wants to leave the money inside their SMSF ? The insurance policy was in the name of the fund.
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Hi Chris
I will put this to the forum to see if anyone has encountered this query before as I have not.
My understanding is that with insurance payments to a Fund member's have the option to take the entire amount, withdraw part of it or leave it in the Fund. You should check with the insurance company to confirm what the options are re the member having to take out the income protection amounts received.
Thanks
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