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What's insurance in super?

Insurance in super

It’s important to get the right cover for you—it’s your future after all.

What’s different about insurance in super?

Insurance in super is exactly what it sounds like—it’s insurance cover available through your super account. It can be a tax-friendly way to protect yourself and your loved ones, when life doesn’t go to plan.

This is because the cost of your insurance, otherwise known as premiums—are deducted from your super account (which means your take-home income won’t be impacted).

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An illustration of an umbrella.

Finding the right insurance cover for you

Getting the cover that suits your needs is important because having insurance cover can reduce your super balance.

Why choose MLC for insurance?

We care about protecting your future.

With this in mind, we’ve chosen MLC Limited as the insurer for your insurance in super.

MLC Limited has over 130 years of insurance experience and a proven track record of providing insurance to protect Australians from the unexpected.

It’s also up to us to review our insurance offerings with MLC Limited regularly—to make sure we’ve got the best cover for you. This means we can change our insurer at any time if we believe that it’s better for you.

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Why get insurance with us?

We believe in the importance of insurance in super. For many Australians insurance cover provides a critical lifeline, supporting you and your family during times of hardship. By having insurance in super with us you and your family will be supported with simple and effective protection when you need it most.

Wellness and recovery

You’ll have access to MLC Limited’s Wellness and Recovery programs and services designed to help you maintain good health and provide expert support whether you are claiming or not. This includes support to help you:

  • Get on the path to recovery as soon as you get sick or injured – even without lodging a claim
  • Recover after an illness or injury while claiming, and
  • Return to work and adapt to new ways of living after your claim has finished.

Find out more

Best Doctors

The Best Doctors services are available to both you and your immediate family. Best Doctors is an e-healthcare service, giving you and your family reassurance around your medical diagnosis and treatment plan.

Whether you need help for a physical or mental health condition, assistance is available.

You’ll be connected through email, phone, or video call with a network of local and global medical specialists who are nominated as leading experts by their peers. It’s completely confidential, won’t impact any insurance claim and it’s available at any time.

Two key Best Doctors services are:

Expert Medical Opinion:
Get an in-depth medical review of any physical condition from leading global medical specialists. They’ll help you better understand your diagnosis and treatment options.

Mental Health Navigator:
Get an expert assessment of your mental health condition and a tailored treatment plan to help get you on the right path. You’ll also have access to a team of mental health specialists, including a Mental Health Nurse, psychologist and/or psychiatrist.

Dedicated claims team

We have a dedicated team to review all claims to make sure that claims are being managed within our expectations and our members’ rights are protected.

Some facts about MLC Limited

MLC Limited paid $150.6 million in claims to
MLC MasterKey members between July 2020 and June 20211

Claims by policy type

42.5% of claims and a total of $34M was paid for Income Protection claims

36.1% of Claims and a total of $131.9M was paid for TPD claims

21.4% of Claims and a total of $76.7M was paid for Death claims

1Claims paid MLC MasterKey and Plum Super members between 1 July 2020 and 30 June 2021.

Top five claim causes for claims

Mental or behavioural disorders

Cancer

Musculoskeletal disease or injury

Accident

Neurolgical conditions

Claim acceptance rates

This table is based on claim decisions made between July 2020 and June 2021. It represents the average time for a decision to be made on a claim.

Insurance claim type Decision duration (months) Industry average (in months)2
Income Protection 2 2
Death 0.8 1.2
TPD 4.6 5.6

2Industry data taken from APRA’s Life Insurance Claims and Disputes Statistics from June 2021 https://www.apra.gov.au/sites/default/files/2021-10/Life%20Insurance%20Claims%20and%20Disputes%20Statistics%20June%202021.pdf

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How do I get insurance in super with MLC?

To be eligible for insurance cover, you must be an MLC MasterKey Business Super or MLC MasterKey Personal Super member. You must also be an Australian Resident and aged between the relevant ages (as explained in the Insurance Guide).

Once you’re eligible, we’ll provide you with automatic insurance cover. In some cases, your employer may have selected insurance cover for you.

To apply for MLC MasterKey additional insurance please complete the Insurance application form. If you’re an MLC Wrap Super Series 2 member, get in touch with your financial adviser.

Useful terms

Insurance can be complicated. We’re here to help simplify things for you.