Your premiums may be adjusted for:
If we (or the insurer) make a change to your premiums, we’ll notify you of this in writing.
For your current premium rates:
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.
Members in MLC MasterKey Business Super, MLC MasterKey Personal Super and MLC MasterKey Super Fundamentals.
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.
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:
Here are some key things you should know that can impact your cover:
For more information:
Your insurance will end on the earliest date of the following:
Your insurance will end when:
To find out when your insurance will end you’ll need to speak with your financial adviser.
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.
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.
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.
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 firstname.lastname@example.org AFCA provides fair and independent financial services complaint resolution that is free to consumers.
NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465. NULIS is part of the IOOF Group of Companies, comprising IOOF Holdings Limited ABN 49 100 103 722 and its related bodies corporate (IOOF Group).