Find the right insurance cover for you
The right level of cover for you depends on your personal circumstances, lifestyle and future needs.
When you look at insurance cover and how much you need there are several things to consider, including:
- Day-to-day living expenses that your salary covers.
- Any debts – mortgages, credit cards, personal loans.
- How much income you (and your family) need to live comfortably.
- Future costs such as medical care, education for your children or yourself, and the costs associated with anyone you support financially.
Find the right level of cover for you with our insurance needs estimator.
How do you get insurance through super with MLC?
To be eligible for insurance cover, you must be a member with us. You must also meet the requirements set out in the relevant Insurance Guide which is part of the relevant Product Disclosure Statement (PDS).
It’s important to know that when you have insurance cover with us—you can make changes to your cover at any time.
To find out if you’re eligible for insurance cover, review the products listed below to see what type of insurance cover is available.
MLC MasterKey Business Super1
MLC MasterKey Super Fundamentals
How much does insurance cost through super?
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 below:
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.
Making a claim on insurance through super
Call us on 132 652 to get started with your claim. We’ll ask you a few questions to help you choose the best way to make a claim. Remember to have your super account details handy. We can also help you with the claims journey, completing claim forms or providing claim information.
We’re also here to help if you need interpreting or hearing support services.
You can also message us or request a call back.
Want to know more about claim acceptance rates? Head to moneysmart.gov.au to find out more on claims and disputes for most life insurers using the insurance claims comparison tool.
It’s easy to use and there’s some helpful information about the percentage of claims insurers pay out for each cover type, how long the process takes and how many disputes are lodged, including us.
Things to consider with insurance through super
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.
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 account you may hold online using MyGov. You may also hold insurance cover outside of your super 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. 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.
A financial adviser can help you decide the insurance cover that’s right for you and way to pay for your premiums in super. You can also call us on 132 652 for more information.
Keep an eye on your insurance cover
You should be aware that your insurance could be cancelled if your account hasn’t received contributions for at least 16 months, unless you have elected to keep it.
If you want your insurance cover to continue in an existing super account which hasn’t received any recent contributions, you need to contact your fund and opt-in to retain any insurance in your account, or make a contribution to your account.
Even if you have a closed account with us, you may still be able to claim for any event that occurred while you held insurance cover in your super account with us. Give us a call if you’re unsure whether you’re eligible to make a claim and we can guide you through this process.
