Need to know more about salary sacrifice, low income tax offset, co-contributions, spouse contributions and contributions caps? Contact Mercer Super AU.

THE FACTS ABOUT INSURANCE IN YOUR SUPER

If you have insurance through your super, it’s often a lot cheaper than if you were to get it on your own. And your premiums are usually deducted from your super, so you don’t need to worry about forgetting a payment and being left without cover.

You’ll automatically receive insurance when you join, provided you’re 25 years old or over and have $6,000 or more in your super account. Your cover will start once your employer makes a contribution, within 120 days of joining Mercer Super. Anybody can apply to add insurance to their account, or increase their insured amounts.

The three most common types of insurance in super are:

  1. Total and Permanent Disablement (TPD) cover–  designed to protect you if injury or illness leaves you permanently unable to work.
  2. Death cover - provides a lump sum benefit to those who depend on you for financial security if you are diagnosed with a terminal illness or die. A terminal illness benefit is also available, which allows you to access your Death cover earlier should you need it.
  3. Total but Temporary Disablement (TTD) cover –also known as income protection or salary continuance, TTD is designed to provide you with an income for a limited period while you recover.

 

Recent legislated changes to insurance in super

Protecting Your Superannuation (PYS)

Under PYS changes, if we haven’t received a contribution or rollover into your super account for 16 consecutive months, your insurance benefit will be cancelled unless you let us know that you want to keep it. This is designed to help members have the insurance in their super that is right for them; and that they don’t pay premiums from their super account for cover they don’t want, which could eat through their retirement savings. 

Putting Members’ Interests First (PMIF)

Under PMIF changes, if you are 25 years old or over and have $6,000 or more in your super account, you’ll automatically receive insurance when you join. Members can add insurance to their account, increase their insured amounts, or cancel their cover at any time.

If you are under 25 years old, or have a balance under $6,000 and want insurance cover with us, you can apply online now. 

 

Changing your insurance cover

  • You can apply to increase, add or reduce your Death only cover or your Death and TPD cover at any time.
  • You can cancel TPD cover only, but you can’t cancel your Death cover and keep your TPD cover.
  • You can change your cover in multiples of $1,000, but any increase in Death and TPD cover will be subject to underwriting.

Check your insurance now.

Please visit our PMIF FAQ page for more information. 

Contact Mercer Super AU for all of your superannuation and financial planning queries.
Mercer Super Trust: 1800 682 525
Calling from Overseas: +61 3 8306 0900

8.00am - 7.00pm
Monday - Friday (AEST/AEDT)




Mercer Super Australia has offices in Melbourne, Glen Waverley, Sydney, Paramatta, Canberra, Brisbane, Adelaide and Perth.
Melbourne

Office: 727 Collins St, Melbourne
Mail: GPO Box 9946, Melbourne VIC 3001
+61 3 9623 5555

Get directions


Wheelers Hill
Sydney
Parramatta
Canberra
Brisbane
Adelaide
Perth