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Important updates

MasterKey insurance changes, effective 29 September 2023

This article is relevant for the following products:

  • MLC MasterKey Personal Superannuation
  • MLC MasterKey Business Superannuation

You’ll receive a communication about this if you’re a member of these products.

Our insurance

On 29 September 2023, we made some changes to the insurance in your superannuation.

We regularly review this to ensure it continues to be fair and provided at a competitive cost.

What’s changing?

We updated the insurance offer in MLC MasterKey Business Super and MLC MasterKey Personal Super on 29 September 2023 by

  • reducing the standard Death and Total and Permanent Disablement (TPD) insurance premium rates for standard plans for MLC MasterKey Business Super and MLC MasterKey Personal Super
  • reducing the Income Protection insurance premium rates for MLC MasterKey Personal Super
  • changing the TPD definitions, increasing the maximum advanced Death benefit for a Terminal Illness and changing the suicide exclusions to improve insurance outcomes for members when they may need it most.
  • removing the MLC MasterKey Business Super Continuation option.

If members have fixed Death and TPD premiums, the cost changes are shown as an increased sum insured.

For more information

We encourage you to take the time to read this information and understand what the changes mean for you.


Helpful reading

You can read the Product Disclosure Statement (PDS) and the Insurance Guide for more information

Insurance calculator Check out our insurance estimator at It may help you determine the most appropriate insurance cover for your personal circumstances.
Insurance in super
You can find out more about insurance in super by visiting
Cancel, reduce, or apply for more cover
You can apply to change your insurance cover at any time by completing an insurance form located at or call us to cancel over the phone.
Financial coaching
Speak to your financial adviser to review your insurance needs and to see if they continue to suit your personal and financial circumstances.