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Insurance Inside Super

Your super may already be protecting you with built-in life insurance

Insurance Inside Super

At MetLife, we believe that we all have a protective instinct - that natural urge to keep the people that we value most protected. Our aim is to encourage and empower this protective instinct in all of us, helping people be the best protectors they can be.

One of the best ways to protect yourself and those you care most about is with life insurance. And you may be surprised to know that many superannuation funds have a built-in life insurance policy that provides this sort of cover. For many Australians, this can be an affordable way to manage life insurance.

Recently, we conducted research to assess the attitudes and engagement amongst working Australians aged 18-64 with insurance inside superannuation. Some of the key findings are shown below.

2/3

don't know how to calculate how much life insurance cover they need

55%

suspect they don't have enough life insurance

1/3

of those with insurance in their super, don't know the amount of cover they have

69%

have never changed their default level of cover

4/10

aren't aware they can modify their insurance inside super

59%

have concerns with insurance companies paying out in the event of a claim

72%

have limited knowledge of what they are covered for in terms of accident & illness

7 million

working Australians may not have a form of life insurance if they didn't have the default cover inside super*


Did you know

Insurance inside super is more than just death cover: Default life insurance in superannuation can include:

  • death benefit
  • total and permanent disability (TPD)
  • income protection

There are a number of benefits of having the default insurance inside superannuation. These benefits, include:

  • Super funds purchase policies in bulk making insurance generally cheaper for their members – you.
  • Premiums are paid from your superannuation account and there can be tax advantages to this.   
  • Premiums don’t come out of your regular income which can be good for cash flow.
  • Many super funds automatically accept you for cover without requiring a health check.
  • Your super fund manages your claim and supports you through the process.

You can easily review and alter your cover: Here are some easy steps you can take to review and alter your level of cover:

Check

Check your current insurance by looking at your superannuation statement, logging on to the secure portal, or by calling them.

Choose

Think about what type of insurance you may need:

  • Life (sometimes called Death insurance)
  • Total and Permanent Disablement (TPD – for serious accidents or illness which permanently stop you from working
  • Income Protection which provides a regular payment during prolonged illness
Calculate

It’s not as tricky as you think. Use the calculator on your super fund’s website to get guide on how much insurance cover you need.

This will also give you the cost of insurance which will come from your super account rather than having to pay separately.

Apply

Log in to the secure portal from your super fund and apply for insurance. If this isn’t available then a form should be on the website or you can contact them. You’ll need to answer questions relating to your health so we can assess your application.

Confirm

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

Our campaign

At MetLife we’re passionate about supporting Australians to protect what matters, making sure more Australians are not only aware of insurance inside super, but are engaged to take control of this protection to best suit their needs throughout their lives.

The good news is that 3 in every 4 people knows about insurance inside superannuation. But we have work to do, with more than half of those with insurance inside super thinking their cover isn’t ‘enough’ and many unaware they can modify their level of cover.

Together with some of the leading Super Funds in Australia, we’ve heard what Austarlians have to say about insurance inside super, and we’re committed to making it simpler and more straightforward for more people to take control and adequately protect themselves and their loved ones.

If you are a member of any of our superannuation partners, discover what protection you have by selecting your fund below:

*Based on ‘Insurance Inside Super – Quantitative findings September 2017’ report prepared for MetLife by Little Triggers and ABS 6202.0 - Labour Force, Australia, Sep 2017 

This information is general only and has been prepared without taking into consideration your objectives, financial situation or needs. Please consider if it’s right for you.

This website contains general information only, which does not take into account your personal financial situation, objectives or needs. Before deciding whether to acquire, or continuing to hold, any of our products, please seek appropriate independent financial advice to assess whether it is suitable for you. You should also consider the relevant Product Disclosure Statement, available upon request by calling 1300 555 625, before making any decision. Life insurance products are issued by MetLife Insurance Limited ABN 75 004 274 882, AFSL 238096.

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