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Insurance in super

We’ve got your financial future covered.

What’s insurance in super?

When you’re with us, insurance cover is available to you through your super account. This cover allows you to be prepared and protect your loved ones—if the unexpected ever happens.

Benefits of insurance in super

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Tax-friendly premiums

The premiums that you pay for the cost of your insurance are taken directly from your super balance. This means that your take home pay won’t be impacted—which could be a tax-friendly option available to you.

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Competitive premiums

We’re able to negotiate group discounts to get you the best prices on your premiums. These prices are generally lower than if you were to get insurance separately.

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We’ve got you covered straight away

You may be eligible to get insurance cover straight away. This means you won’t need to do any medical tests or provide medical records.

Types of insurance cover that we offer

Death cover

If you pass away or you’re likely to pass away within 24 months due to a terminal illness—you’ll be able to financially assist your loved ones through a paid benefit.

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Total and Permanent Disablement

Sometimes the unexpected happens. If you were to become totally and permanently disabled, Total and Permanent Disablement (TPD) cover can help ease financial pressures by paying you a benefit payment.

Income Protection

If you’re temporarily unable to work due to illness or injury—Income Protection can provide you with ongoing income and financial support. This can assist you to meet your day-to-day living expenses while you focus on your health and recovery.

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Some things you may like to consider before getting insurance in super

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Are you raising a family?

Insurance cover might be important for you if you’ve got a partner, family or dependants.

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Have you got debt?

Easing financial stress during unexpected times might be important for you—if you’ve got a mortgage or any personal debt.

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What are your working arrangements?

Your working arrangements might mean that you’d like to be prepared for your financial future.

Get the cover that’s right for you

Use our insurance calculator to find out the cover that’s right for your lifestyle.

FAQs

Here are some questions our members have asked about insurance in super:

  • Click here to find out more information about the cost of your insurance (otherwise known as premiums).

     

  • It’s important to find a balance between super savings and the level of your insurance cover. This is because the more insurance premiums you pay, the less monies going into your retirement savings.

    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. It’s also important to consider that other factors such as your age, changes to your insurance or changes to your occupation may cause your premiums to increase over time.

    As your circumstances change, you may need more, or less, cover – that’s why a regular review is so important.

    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.

    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.

     

  • Increasing my cover

    If you’re an MLC MasterKey Business Super, MLC MasterKey Personal Super or MLC MasterKey Super Fundamentals member:

    1. Compare the level of additional insurance cover you’d like, with your personal needs
    2. To apply for an increase in cover, complete and submit the Insurance application form

    If you’re an MLC Wrap Super Series 2 member, get in touch with your financial adviser.

    Cancelling or decreasing your cover

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

     

  • The following factors could impact your insurance 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 insurance cover elsewhere.
    • Being on employer approved leave for longer than 24 months.
    • Changing or combining your super.
    • 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).

     

  • 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 and you do not elect to reinstate your Income Protection insurance, 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.

     

To find out more about your insurance cover:

See your Product Disclosure Statement (PDS) and Insurance Guide

Find out more about how to make a claim