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Forget the "dad" jokes. It sounds as if your fund is doing the same thing. So call them up tomorrow and get the life insurance cancelled.

Something to add here. Some funds automatically set up a life insurance fund for you. They withdraw funds do the life insurance premium without your explicit knowledege or consent. You have to opt out, not opt in. So Sam, check with your SMSF if this is happening. It has happened with a lot...