Insurance and your Mercer MyChoice account
Take the step to protect your financial security
It’s estimated that up to 80% of Australians either have no insurance or are underinsured.1
This is a startling figure when you consider how quickly life can change. If you get sick, injured or pass away, there’s still bills to pay, financial commitments to meet and loved ones to care for. Having the right insurance cover in place can help ensure those bills get paid and your loved ones remain cared for.
Your Mercer MyChoice super account isn’t just saving for your retirement. You can also use it to protect your income and loved ones through insurance cover, often without the need for underwriting or health checks.
Check your insurance cover
Log in to your account to check how much you’re covered for
Why have insurance cover?
Insurance cover through Mercer MyChoice can give you the confidence that you and your loved ones are financially secure should you be unable to work due to an injury or illness and your claim be approved by the insurer.
And as an added benefit, the cost is automatically paid from your Mercer MyChoice account, so it doesn’t come from your everyday money.
Support with being able to pay for your everyday expenses
Continue to provide a level of financial support to you and your loved ones
What insurance cover does Mercer MyChoice offer?
There are three types of insurance cover offered through Mercer MyChoice.
1.
Death (including Terminal Illness)
A lump sum payment to your loved ones in the event you die. The money can also be paid to you if you’re diagnosed with a terminal illness and are expected to live less than 24 months.
2.
Total and Permanent Disablement (TPD)
A lump sum payment paid to you if you become permanently disabled and can never work again. You cannot hold TPD cover without Death cover.
3.
Income Protection (IP)
Replaces part of your monthly income if you’re temporarily unable to work due to illness or injury. A monthly benefit can help you focus on your recovery and return to work without draining your savings.
How much insurance cover should you have?
When it comes to how much cover you need, there’s no ‘one-size fits all’ amount.
Having too little coverage could leave you and your loved ones struggling financially if something happens to you. On the other hand, having too much coverage could lead to higher premiums that unnecessarily reduce your super, leaving you with less when you retire.
To help you estimate the amount of cover that’s right for you, our insurance partner, TAL, has created a calculator, which can estimate your insurance needs in a matter of minutes.
You can find further information on monthly premiums, in the Mercer MyChoice Insurance booklet.
Check your insurance cover
Log in to your account to check how much you’re covered for
- Opt-in to Life Stages Cover – When you open your Mercer MyChoice account, you’ll be automatically provided with Life Stages Cover (Death and TPD cover) once:
- you turn 25 years or older, and
- you have an account balance of at least $6,000
If you’d like your insurance to start before you meet the requirements above, you can opt-in by completing the Managing your Insurance Cover form.
- Apply for Life Events Cover – Life Events cover lets you increase your cover without the need for underwriting or health checks, following a major life event such as the birth of a child, the start or end of a de-facto relationship/marriage, or taking out a mortgage, among others.
To apply for Life Events cover, please complete and return the Life Events Cover form.
- Transfer existing insurance cover – If you already have insurance cover with another super fund or a life insurance policy you’ve taken out, you could be eligible to apply to have it transferred to your Mercer MyChoice account.
To apply to transfer existing insurance cover, please complete and return the Individual Insurance Transfer form.
- Opt-up your Life Stages Cover – If your Life Stages Cover is already active as you’ve either met the eligibility criteria or you’ve opted-in, you can increase this amount even further within 120 days of the cover starting.
Simply complete and return the Managing your Insurance Cover form.
- Apply for Voluntary Cover – With voluntary cover you can tailor your cover to the exact dollar amount that meets your needs.
To apply for voluntary cover, please complete and return the Apply for, or change your Voluntary Cover form.
- Reduce or cancel your existing cover – You can reduce your cover either by completing and returning the Managing your Insurance Cover form, or by calling our Helpline. You can also cancel your cover completely by logging into your account and going to the ‘Insurance’ section.
Frequently asked questions
We're here to help
If you have any questions about insurance cover and your Mercer MyChoice account, you can find more information in the Insurance booklet. You can also call us on 1800 682 525, Monday to Friday, 8am-7pm (AEST/AEDT).
Need more help? We’ve got you covered.
Have questions about Mercer Super or need more information about becoming a member? We’d love to hear from you.
Member Online support
Log in to your account for more information or to submit an online enquiry.
Contact our Helpline
Visit the member support page or call 1800 682 525, Monday to Friday, 8am - 7pm (AEST/AEDT).
1. Deloitte – Mind the Gap: How to provide the Australian community with the life insurance it needs (August 2023)
Issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533, Australian Financial Services Licence #235906, the trustee of Mercer MyChoice, a plan in the Mercer Super Trust ABN 19 905 422 981 ('Mercer Super'). Any advice provided is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any advice, please consider the Product Disclosure Statement available at mercersuper.com.au. The product Target Market Determination can be found at mercersuper.com.au/tmd.
Your Plan’s insurance is provided through a group insurance policy with TAL Life Limited ABN 70 050 109 450 AFSL 237848.
The material contained in this document is based on information received in good faith from sources within the market and on our understanding of legislation which we believe to be accurate.
Mercer financial advisers are authorised representatives of Mercer Financial Advice (Australia) Pty Ltd ABN 76 153 168 293, Australian Financial Services Licence #411766.
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