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Insurance in super

Protecting super balances from the
cost of insurance members may not
need, want or be able to claim on

Want to have insurance in super?

 
Younger members and members with low super balances

If you're not at least age 25 and/or your super hasn't reached $6,000, you need to choose if you want insurance.
 

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Members with inactive accounts

If your super account hasn't received a contribution or rollover for 16 months, you need to choose if you want to keep your insurance.
 

Learn more >

 

Latest updates to insurance in super tile

Government changes to insurance in super 

If you’ve recently received a letter from us about Government changes which may impact your insurance in super, learn more about the changes here and what you can do.

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Think ahead. Act now for the future tile

Think ahead. Act now for the future  

Things to know and consider when reviewing what type of insurance cover you need to help protect your financial future.

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Benefits of insurance in super tile

Benefits of insurance in super  


Insurance within your super can be an easy way to pay for life insurance cover without impacting your take home pay.

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Useful terms explained

Useful terms explained  

Need to understand more about insurance product names and terms?

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Useful forms

Useful forms and info 

Manage changes you’d like to make to your insurance in super, like keeping your insurance, applying for more insurance or nominating a beneficiary.

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Useful forms

MLC Life Insurance  

Visit MLC Life Insurance to learn more about stand-alone insurance.

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Insurance in super FAQs

  • Your premiums may be adjusted for:

    • your age
    • changes to your insurance, or
    • changes to your circumstances, such as changes to your occupation or employment.

    If we (or the insurer) make a change to your premiums, we’ll notify you of this in writing.

    For your current premium rates:

    • MLC MasterKey Business Super and MLC MasterKey Personal Super members can read their premium rates flyer
    • MLC MasterKey Super Fundamentals members can read their premium rates flyer
    • MLC Wrap Super Series 2 members should speak to their financial adviser
  • The more you pay in insurance premiums, means less going into retirement savings – but having the right amount of cover is important too. As you age the cost of cover increases, so that’s another thing to consider in striking the balance between super savings and insurance cover.

    As your circumstances change, you may need more, or less, cover.

    For example, an expanding family or a reduction in personal debt may differently influence your choice in the type and amount of cover you have. It’s important that you have the insurance cover that meets your needs at a cost that doesn’t unnecessarily diminish your retirement savings.

    One simple check is to calculate your annual insurance premium as a percentage of your annual gross salary. As a general guide, if it’s 1% or more (which is approximately 10% of the Superannuation Guarantee contribution, close to 10% of salary), you may want to consider your overall requirements. If you have an Income Protection benefit for a period of more than two years it’s likely that the cost of your insurance is more than 1%.

    If your gross annual salary is $75,000, for example, you might prefer to keep your annual insurance premiums to under $750.

    It’s easy to check the percentage of your annual salary you’re paying in annual insurance premiums: (your monthly premium amount x 12) / (your gross annual salary) x 100 = percentage of premiums paid.

    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. And these factors can change – that’s why a regular review is so important.

  • Increasing your cover

    Members in MLC MasterKey Business Super, MLC MasterKey Personal Super and MLC MasterKey Super Fundamentals.

    1. Assess the suitability of your insurance against your personal needs
    2. To apply for an increase in cover, complete an Insurance application form.

    Members in MLC Wrap Super Series 2

    If you’re a member of MLC Wrap Super Series 2, you should speak to your financial adviser.

    Cancelling or decreasing your cover 

    Please call us if you’d like to cancel or decrease your insurance—you can cancel your cover at any time.

    If you need help understanding more about your insurance:

    • see your Product Disclosure Statement and Insurance Guide
    • check out the insurance needs calculator which helps you decide how much insurance you may need
    • speak to your financial adviser, or
    • call us on 132 652.
  • Here are some key things you should know that can impact your cover:

    • Ceasing work with your employer.
    • Changing the type of work you do or your occupational rating—this could impact the cost of your overall insurance cover and your eligibility for income protection insurance.
    • A change in your working hours.
    • Being unemployed for longer than 13 months.
    • Having income protection benefits elsewhere.
    • Being on employer approved leave for longer than 24 months.
    • Changing or combining your superannuation.
    • Having an inactive super account with (no contributions or rollovers into your account for 16 months) means your insurance will be cancelled unless you tell us you wish to keep the cover.
    • Your super account needs to have sufficient funds to pay for the cost of your insurance and mustn’t become inactive (inactive means, no contributions or rollovers received into your account for over 16 months) to stay in place (unless you’ve provided us with your written election to retain your cover).

    For more information:

    • MLC MasterKey Business Super and MLC MasterKey Personal Super members can read their insurance guide
    • MLC MasterKey Super Fundamentals members can read their insurance guide
    • MLC Wrap Super Series 2 members should speak to their financial adviser
  • MLC MasterKey Business Super and MLC MasterKey Personal Super members

    Your insurance will end on the earliest date of the following:

    • the date you’re no longer eligible for insurance.
    • if you don’t have enough funds in your account to cover the cost of insurance, 30 days after the premium due date.
    • the date you’ve chosen to transfer your total account balance to another provider (even though you’re still employed with your employer).
    • the day after you’ve been on a leave of absence for more than 24 months (unless otherwise approved by the Insurer).
    • the day you start working with the armed services of any country, except for the Australian Defence Force Reserves not deployed overseas.
    • the day you reach the maximum insurable age.
    • the date a Death or TPD benefit is paid.
    • for Death and TPD cover, the date a Terminal Illness or Interim Accident benefit is paid which is not less than your Death cover.
    • the date your account is closed.
    • the date you make a fraudulent claim.
    • the date you cancel your insurance.
    • at the end of the period for which your premiums have been paid, if your super account hasn’t received a contribution or rollover for a continuous period of 16 months, and you haven’t provided us the Choose to Keep My Insurance cover form.
    • the date your employer ceases to pay the full premium for cover and you are under age 25 and/or your account balance is under $6,000 and you have not completed a Choose if you want insurance cover in super form;
    • for Income Protection insurance, the date your account is transferred to MLC MasterKey Personal Super, or
    • for Income Protection insurance with either the two-year or five-year benefit period, the date the Insurer pays you a lump sum Total and Permanent Disablement (TPD) or Terminal Illness benefit. Any existing Income Protection claim will continue to be paid if you continue to be disabled due to the same Illness or Injury but after the end of your current claim, no further claim will be paid.
     
    MLC MasterKey Super Fundamentals members

    Your insurance will end when:

    • You’re no longer eligible for insurance.
    • You don’t have enough money in your Super account to cover the cost of insurance. You’ll continue to be covered for 30 days after the premium due date as long as your Super account is still open.
    • You start working with the armed services of any country, except for the Australian Defence Force Reserves not deployed overseas.
    • You reach the maximum insurable age.
    • You or your beneficiaries receive your insurance benefit.
    • Your Super account is closed.
    • You make a fraudulent claim.
    • You cancel your insurance.
    • Your super account hasn’t received a contribution or rollover for a period of 16 months, and you have not provided us the Choose to Keep My Insurance Cover form.
    • If you have Income Protection insurance with either the two year or five-year benefit period, the cover will end on the date the Insurer pays you a lump sum Total and Permanent Disablement (TPD) or Terminal Illness benefit. Any existing Income Protection claim will continue to be paid if you continue to be disabled due to the same Illness or Injury but after the end of your current claim, no further claim will be paid.
     
    MLC Wrap Super Series 2

    To find out when your insurance will end you’ll need to speak with your financial adviser.

  • Our claims philosophy is to:
    • communicate the process clearly
    • at all times treat our claimants, members and their beneficiaries with the utmost respect and empathy
    • pursue claims with the Insurer on the member’s behalf that we consider both reasonable and to have reasonable prospect of success, and
    • make prompt payments on successful claims.

    We adopt a professional, compassionate and positive approach to claims management and actively seek to keep members at the heart of everything we do.

    We acknowledge that each claim is unique and must be dealt with on its own merits and we’re committed to being easy to deal with and providing outcomes to our members in a timely manner.

     
    Managing your claim

    Your claim is unique. That’s why we’ll take care to assess your personal situation on its own merits. When your claim is lodged with the insurer, you’ll be appointed a dedicated claims assessor to guide you through the entire claims process. If you need help with the claims process, understanding what’s required of you, completing claim forms or providing requested claim information, we’ll work with you and the insurer to find a solution.

    You can appoint a representative to act on your behalf during the claims process.

    We understand that making a claim can often be a challenging time.

    Our Claims Philosophy sets out our overall approach to managing claims in a respectful and empathic way for each unique claim made by our members.

    Be assured, if you’re experiencing any personal or financial difficulties during this time, we’ll take that into account in our dealings with you.

    Image of insurance claims process

    Making a claim

    If you would like more information about how to lodge an insurance claim, please see the claims guide then call us on 132 652 so that we can help you through the claims process.

     
    Declined claims

    If your claim is declined and you don’t agree with the decision, please call us on 132 652.

    If you’re still not satisfied with the outcome, you can lodge your complaint with the Australian Financial Complaints Authority (AFCA) by calling 1800 931 678 (free call) or emailing info@afca.org.au AFCA provides fair and independent financial services complaint resolution that is free to consumers.