How much does insurance cost?
Cost of premiums
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 flyer 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.
Log in to your account at mlc.com.au to find these documents under the Statements & Letters menu.
Types of insurance we provide
MLC Lifestage insurance
If you’re an MLC MasterKey Super Fundamentals or an MLC MasterKey Business Super member, MLC Lifestage insurance may be available to you. It’s a combination of Death and Total and Permanent Disablement (TPD) insurance—which is designed to cater to your needs through different life stages.
Generally, your insurance needs change over time.
When you’re younger your personal circumstances (such as a high mortgage and young children) might mean that you’ll need more insurance. But when you’re older, you may not need as much insurance because you’re more likely to be financially secure.
Tailored insurance
If you’re an MLC MasterKey Business Super member, your employer may have tailored the insurance in your employer plan.
This can include Death and Total and Permanent Disablement (TPD) insurance, and Income Protection insurance cover.
If your employer has tailored the insurance cover for your plan, we’ll include the premium rates in your Welcome Kit — which you can view by logging in to your member account and heading to the Statements & letters menu.
FAQ
Here’s a question that our members have asked about the cost of their insurance:
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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 – unless your employer pays for all of 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 you may hold under ‘Find my lost super’ by logging in. You may also hold insurance cover outside of your superannuation 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. A financial adviser can help you decide the insurance cover that’s right for you. You can also call us for more information.
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.
It’s important that you have the insurance cover that meets your needs at a cost that doesn’t inappropriately reduce your retirement savings. One simple check is to calculate your annual insurance premium as a percentage of your annual gross salary. For example, if your gross annual salary is $75,000, you may want to keep your annual insurance premiums to under $750.
If you have Income Protection with a benefit payment period of more than two years, it’s likely that the cost of your insurance will be more than 1% of your annual gross salary.
It’s easy to check the percentage of your annual salary you’re paying in annual insurance premiums. Grab a calculator and follow these steps:
Step 1 - Multiply Your monthly premium amount by 12, then
Step 2 - Divide that amount (your annual premium amount) by your gross annual salary, then
Step 3 - Multiply that amount by 100 to see the answer as a percentage.
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