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:
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.
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.
Check your insurance now.
Please visit our PMIF FAQ page for more information.