What's insurance in super?
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).
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.
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.
Health, wellness and recovery support at no extra cost
No matter where you are on life's journey, Vivo can provide you and your immediate family with care and support.
Vivo is available to you at no extra cost through MLC Life Insurance. As a MLC MasterKey member, you’ll have access to select services and if you also have insurance cover in your super, you’ll unlock access to the extended range of services.
Please read the important information about vivo at footnote 1.
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
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 cover please complete the Insurance application form. If you’re an MLC Wrap Super Series 2 member, get in touch with your financial adviser.
Vivo is not offered by NULIS Nominees (Australia) Limited (NULIS) ABN 80 008 515 633 AFSL 236465 as trustee of the MLC Super Fund ABN 70 732 426 024 (Fund). NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group).
Vivo is a service offered by MLC Limited (ABN 90 000 000 402 AFSL 230 694) directly to members in the Fund and is not a benefit in the Fund.
MLC Limited uses the MLC brand under licence from the Insignia Financial Group. MLC Limited is part of the Nippon Life Insurance Group and is not a part of the Insignia Financial Group.
The Vivo brand is owned and operated by MLC Limited. Vivo services are not insurance (including health insurance) and the services do not replace a Fund member’s relationship with their current doctor, other treating health providers and health consultants. You can find out more about Vivo and how to access it on MLC Limited’s website at https://www.mlcinsurance.com.au/using-your-insurance/vivo-group-insurance
NULIS does not make any representation about, or warrant, the suitability of Vivo and Fund members must make their own assessments about whether Vivo is appropriate for them.
NULIS and each company in the Insignia Financial Group does not accept any responsibility or liability in respect of Vivo.
Connect with us
