MyPlanner Australia’s managing director, Philippa Sheehan, said the deal comes off the back of the groups realising the need for a group insurance offering for SMSFs, which will make it easier for trustees and accountants to organise the cover they need.
Having approached a "number of insurance players" across the market, Ms Sheehan said the group had partnered with AIA Australia and AGI for the use of the SMSF Master Insurance Plan, which the two companies launched in 2011.
"As much as trustees think they will organise their own insurance, we have seen plenty of SMSFs across the MyPlanner network where the trustees never finalised the insurance," Ms Sheehan said.
"This has been of huge concern. AIA Australia's solution helps solve some of the underinsurance issues we have here in Australia.
“Partnering with AIA Australia and AGI to offer something for our entire industry has been a fantastic experience. It goes to show that if you have a need, you just need to find the right people to help you fulfil it,” she added.
According to MyPlanner, the SMSF group insurance plan will consist of a nine-question underwriting process for most applicants and will cover death and total and permanent disability.
There will also be income protection options and the ability to transfer existing cover, MyPlanner said.