Insurance Inside Super

Your super may already be protecting you with built-in life insurance so check your insurance inside your super today

What is insurance inside super?

One of the best ways to protect yourself and those you care most about is with life insurance.

A large number of superannuation funds have a built-in life insurance policy that provides this sort of cover and for many Australians, this is an affordable way to manage life insurance.

It is important to regularly check the insurance cover inside your super and make sure it meets your needs.

Insurance inside super is more than just death cover

Default life insurance in superannuation can include:

Life Insurance

Life Insurance can sometimes be called Death Cover

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Total and Permanent Disablement

Sometimes known as TPD, this insurance is for serious accidents or illness which permanently stop you from working

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Income Protection

Income Protection provides a regular payment during prolonged illness

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What are the benefits?

Buy in bulk

Super funds purchase life insurance in bulk making insurance generally cheaper for their members

Tax advantages

Premiums are paid from your superannuation account which could offer tax advantages

Good for cash flow

Premiums don’t come out of your regular income which can be good for cash flow

Automatic cover

Many super funds automatically accept you for cover without requiring a health check

Fund support

Your super fund manages your claim and supports you through the process

When you should check your insurance

Buying a home or increasing an existing mortgage
Starting a family or the birth of a child
Getting married or divorced
Changing jobs or making the decision to retire

We want all Australians checking their cover more often, we know key life stages, or ‘moments’ are a trigger for people to check their protection.

What to consider when reviewing your insurance

We recognise everyone's situation is different and it's important to think about your needs and your family circumstance when reviewing your insurance cover.

How much insurance do you currently have and would it cover your lifestyle if you couldn’t work?
How much are you paying for it?
What are you covered for?
Do you have debts that would need to be covered if you could no longer work?
What are your long-term costs associated with living, including medical and children’s education?

How to adjust your insurance cover

Check

To review your current insurance, look at your superannuation statement, log in to the secure portal or call them.

Choose

Think about what type of insurance you may need to suit your life stage.

Calculate

Use the calculator on your super fund’s website to get a guide on how much insurance cover you may need.

Adjust

To alter or apply for additional cover, log in to your super fund's secure portal. If not available, head to your super fund's website or contact them direct.

Confirm

Once you’ve submitted your application you’ll get confirmation of your cover or an indication of what other steps might be required.

MetLife's Superannuation Partners

Discover what protection you have by selecting your fund below

Insurance news from MetLife

Insurance through super– how it works, what you need to know

03-08-2021 Most of us think of our funds as a way to save for retirement. But they can also be a source of low-cost cover.

Insurance Inside Super: Important Things to Know

26-07-2021 Most superannuation funds offer a built-in life insurance policy – also known as Insurance Inside Super (IIS) – to their members. Learn about its inclusions & benefits.

When should I review my life insurance cover?

14-10-2020 When was the last time you checked on your life insurance and insurance inside super? Does your existing cover meet your current needs? It might be time for a review.

Why Life Insurance Cover Needs to Change as You Grow

26-07-2021 Changing circumstances, rises or falls in income and whether or not the kids are still at home all affect the amount of coverage you need. Learn more

5 Things You Should Know About Life Insurance

26-07-2021 Life insurance can be your safety net when things go wrong. Here are some lesser known things about life insurance to help you make an informed choice.