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Insurance Inside Super

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

We all have a protective instinct, the natural urge to keep the ones we love safe.

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

As a global insurer with 150 years of history, MetLife encourages and empowers this protective instinct in all of us, helping people be the best protectors we can be.

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.


How to review 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.

Insurance inside super is more than just death cover

Default life insurance in superannuation can include: 

•     Life (may be 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

There are a number of benefits of having the default Insurance Inside Superannuation 

Including: 

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

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

•       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

92% of finalised life insurance claims were paid in 2016 (APRA and ASIC)* 

 

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.