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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

Life Insurance

Life Insurance can sometimes be called Death Cover 

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Total and Permanent Disablement Insurance
Total and Permanent Disablement Insurance

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 Insurance
Income Protection Insurance

Income Protection

Income Protection provides a regular payment during prolonged illness

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What are the benefits?
Buy in bulk
Buy in bulk

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

Tax advantages
Tax advantages

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

Cash flow
Good for cash flow

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

Automatic cover
Automatic cover

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

Fund support
Fund support

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

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

1

Check

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

2

Choose

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

3

Calculate

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

4

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.

5

Confirm

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

Putting Members' Interests First (PMIF)

From 1 April 2020, insurance rules change for super fund members under age 25 or with an account balance below $6,000.

MetLife's Superannuation Partners
Discover what protection you have by selecting your fund below

Insurance news from MetLife

TPD insurance inside and outside superannuation – Let’s talk tax and net benefits
TPD insurance inside and outside superannuation – Let’s talk tax and net benefits
Advisers are often asked whether or not a client should own their TPD policy individually (self-owned) or have it be structured via a superannuation fund where they are a member.
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How Advisers can help Over 45s
Australians over 45 know financial planning is important but many need help from financial advisers to understand how life insurance can fit in their plans.
How MetLife is making Life and TPD more accessible for over 45s
How MetLife is making Life and TPD more accessible for over 45s
Half of Australians over the age of 45 are financially unprepared. But they’re also facing modern challenges of higher mortgage debt, boomerang kids, and later retirement. 
Life Insurance Explained in 60 Seconds
Life Insurance Explained in 60 Seconds
If you’re under 25, you’re bulletproof and don’t need life insurance, right? Unfortunately not. Find out in less than a minute why you need financial protection even when you’re young.
Top 5 questions about Insurance Inside Superannuation
Top 5 questions about Insurance Inside Superannuation
We asked financial adviser Glen Hare about the most burning questions his clients ask about insurance inside superannuation (IIS) and what he tells them about making the right insurance decisions.

How else can we help you?

Need a form? Have a question? Or simply want to find out more about the benefits of MetLife insurance solutions.