Death cover

Protecting your loved ones

We don’t always like to think about leaving our loved ones—but if something did happen, it’s nice to know that their financial wellbeing is protected.

A family enjoying themselves at the beach.

What’s Death cover?

Death insurance cover pays a benefit payment to your beneficiaries if you die.

You’re also covered if you’re diagnosed with a terminal illness—that will cause your life expectancy to be less than 24 months.

Am I eligible for this?

The eligibility criteria that apply to you will depend on your age, gender, the product you’ve got with us, your occupation, as well as any arrangements that your employer has with us.

For more information, log in to your account to see your Insurance Guide which is part of the relevant Product Disclosure Statement (PDS).

FAQs

Here are some questions our members have asked about Death cover and Terminal Illness:

How much does Death cover cost?

The cost of your insurance may depend on your age, gender, occupation, medical history, health factors, 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 cover, 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.

How do I apply for Death cover?

To apply for Death cover you’ll need to complete an Insurance application form. You can complete and submit the relevant Insurance application form located in the Forms & documents section when you log in to your account.

When won’t a benefit be paid?

A benefit won’t be paid within 13 months of starting, restarting or increasing your insurance, if you:
- take your own life (this exclusion does not apply to Assisted Dying Programs), or
- are disabled as a result of an intentional self-inflicted injury.
If you’re an MLC MasterKey Business Super member, this only applies to voluntary insurance cover.

If you're an MLC MasterKey Super Fundamentals member, different exclusions apply.

For more information about When won’t a benefit be paid, see your Insurance Guide which is part of the relevant Product Disclosure Statement (PDS).

Liana's story

Hussein (30) and Liana (29) were the proud parents of twin baby girls, when Hussein was killed in a car accident.

Liana worked part-time while the girls stayed with her parents, but her income alone could not cover the mortgage and their living expenses.

Fortunately, she was able to keep their family home because Hussein had Death cover of $397,000, which meant that Liana received a lump-sum benefit during this challenging time. This benefit provided Liana with some financial options, such as reducing the mortgage to a level she could meet repayments with one income—giving her and the girls long-term financial security.

Other types of cover

Income Protection

If you’re unable to work due to illness or injury or earning a reduced income —Income Protection can assist you to meet your day-to-day living expenses.

Learn more

Total and Permanent Disablement

Sometimes the unexpected happens. If you were to become totally and permanently disabled, Total and Permanent Disablement (TPD) cover can help ease financial pressures by paying you a benefit payment.