If you have super, you might also have some automatic insurance cover.
It’s called insurance in super and is exactly what it sounds like— insurance cover available through your super account.
Insurance in super is designed to assist you and your family financially if you become unable to work due to illness or injury, or in the event that something happens to you.
Why get insurance through your super?
Having insurance through your super can help protect you and your loved ones when you need financial security the most.
Insurance in super can also be tax-effective and convenient. This is because the cost of your insurance cover, also known as premiums, are deducted from your super account—which means your take-home income won’t be impacted.
When you have insurance in super, the premiums are paid from your super balance. This means you don’t have to pay premiums from your own pocket. However, your employer may, or you can make contributions to assist in funding the premiums. It is important however to check how much you’re paying in insurance administration fees and be aware that having insurance in super will reduce your super balance.
Insurance Needs Estimator
Find the right level of cover for you. Our insurance needs calculator helps provide an estimate of what you may currently need for death, total and permanent disablement (TPD) and income protection cover.
Types of insurance cover that we offer
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Death insurance cover If you die or you’re diagnosed as likely to die within 24 months due to a terminal illness – you’ll be able to financially assist your loved ones through a lump sum benefit. Learn more about Death insurance cover
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Total & Permanent Disablement insurance cover If you become totally and permanently disabled, Total and Permanent Disablement (TPD) cover can help ease financial pressures by paying you a lump-sum benefit amount. Learn more about Total & Permanent Disablement insurance cover |
Income Protection insurance cover If you’re unable to work due to illness or injury, Income Protection cover can provide you with ongoing income and financial support by paying you a regular income. |
Find the right insurance cover for you
The right level of cover for you depends on your personal circumstances, lifestyle and future needs.
When you look at insurance cover and how much you need there are several things to consider, including:
– Day-to-day living expenses that your salary covers.
– Any debts – mortgages, credit cards, personal loans.
– How much income you (and your family) need to live comfortably.
– Future costs such as medical care, education for your children or yourself, and the costs associated with anyone you support financially.
Find the right level of cover for you with our insurance needs estimator.
How do you get insurance in super?
To be eligible for insurance cover, you must be a member with us. You must also meet the requirements set out in the relevant Insurance Guide which is part of the relevant Product Disclosure Statement (PDS).
It’s important to know that when you have insurance cover with us—you can make changes to your cover at any time.
To find out if you’re eligible for insurance cover, review the products listed below to see what type of insurance cover is available.
MLC MasterKey Super Fundamentals
How much does insurance cost?
The cost of your insurance cover may depend on your age, gender, occupation, medical history, health factors, lifestyle, income and employment arrangements.
If you’re an MLC MasterKey Business Super, or MLC MasterKey Personal Super, or MLC MasterKey Super Fundamentals member, you can log in to your member account to view your insurance premium rates.
To learn more about the cost of insurance cover, find the Insurance Premium Rates below:
- The MLC MasterKey Business Super (standard) or MLC MasterKey Personal Super Insurance Premium Rates
- The MLC MasterKey Super Fundamentals Insurance Premium Rates
Keep in mind if you belong to a large employer plan, you’ll generally be charged tailored insurance premium rates. If this applies to your insurance, we’ll provide these to you in your Welcome Kit when you join us and in any important communications we have since sent to you if they’re changed.
Making a claim on insurance in super
Call us on 132 652 to get started with your claim. We’ll ask you a few questions to help you choose the best way to make a claim. Remember to have your super account details handy. We can also help you with the claims journey, completing claim forms or providing claim information.
We’re also here to help if you need interpreting or hearing support services.
You can also message us or request a call back.
Want to know more about claim acceptance rates? Head to moneysmart.gov.au to find out more on claims and disputes for most life insurers using the insurance claims comparison tool.
It’s easy to use and there’s some helpful information about the percentage of claims insurers pay out for each cover type, how long the process takes and how many disputes are lodged, including us.
Did you know?
It’s important to know that your retirement savings are reduced by the cost of your insurance premiums. That’s because premiums are deducted from your super balance to pay for your insurance cover.
You need to check what other insurance cover you may have. If you have more than one super account, you may be paying premiums for multiple insurance covers you may not need. This will reduce your retirement savings, and you may not be able to claim on multiple covers. You can search for any other super account you may hold online using MyGov. You may also hold insurance cover outside of your super account.
The type and amount of insurance cover that’s right for you depends on your personal, family and financial circumstances — as well as your income and lifestyle. As an example, an expanding family or a reduction in personal debt may impact your choice of the type and amount of cover you have.
A financial adviser can help you decide the insurance cover that’s right for you and way to pay for your premiums in super. You can also call us on 132 652 for more information.
Keep an eye on your insurance cover
You should be aware that your insurance could be cancelled if your account hasn’t received contributions for at least 16 months, unless you have elected to keep it.
If you want your insurance cover to continue in an existing super account which hasn’t received any recent contributions, you need to contact your fund and opt-in to retain any insurance in your account, or make a contribution to your account.
Even if you have a closed account with us, you may still be able to claim for any event that occurred while you held insurance cover in your super account with us. Give us a call if you’re unsure whether you’re eligible to make a claim and we can guide you through this process.
Let’s get in touch
Talk to us on 132 652 between 8am to 6pm AEST, Monday to Friday. You can also message us or request a call back.
1 MLC MasterKey Personal Super is the personal division of MLC MasterKey Business Super. Explanation of the types of insurance cover available in MLC MasterKey Business Super is also relevant for MLC MasterKey Personal Super members.
Important information and disclaimer
This article has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as trustee of the MLC Super Fund ABN 70 732 426 024. NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (‘Insignia Financial Group’). The information in this article is current as at September 2024 and may be subject to change. This information may constitute general advice. The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider obtaining independent advice before making any financial decisions based on this information. It is recommended that you consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) before you make any decisions about your superannuation. You can obtain the latest copy of the PDS (or other disclosure documents) and TMD by calling us on 132 652 or by searching for the applicable product at mlc.com.au. You should not rely on this article to determine your personal tax obligations. Please consult a registered tax agent for this purpose. Opinions constitute our judgement at the time of issue. The case study examples (if any) provided in this article have been included for illustrative purposes only and should not be relied upon for decision making. Subject to terms implied by law and which cannot be excluded, neither NULIS nor any member of the Insignia Financial Group accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in the information in this communication.
