Insurance

Mercer Super negotiates competitive insurance rates and terms for our members.

The facts about insurance in your super

If you have insurance through your super, it’s often a lot cheaper than if you were to get it on your own. And your premiums are usually deducted from your super, so you don’t need to worry about forgetting a payment and being left without cover.

You’ll automatically receive insurance when you join most plans, provided you’re 25 years old or over and have $6,000 or more in your super account.

Three common types of insurance in super

1. Total and Permanent Disablement (TPD) cover

Designed to protect you if injury or illness leaves you permanently unable to work.

2. Death cover

Provides a lump sum benefit to those who depend on you for financial security if you are diagnosed with a terminal illness or die. A terminal illness benefit is also available, which allows you to access your Death cover earlier should you need it.

3. Income Protection cover

Also known as total but temporary disablement cover (TTD) or salary continuance insurance (SCI), This cover is designed to provide you with an income for a limited period while you recover.

Previous legislated changes to insurance in super

 

Protecting Your Superannuation (PYS)

Under PYS changes, if we haven’t received a contribution or rollover into your super account for 16 consecutive months, your insurance benefit will be cancelled unless you let us know that you want to keep it. This is designed to help members have the insurance in their super that is right for them; and that they don’t pay premiums from their super account for cover they don’t want, which could eat through their retirement savings. 

Putting Members’ Interests First (PMIF)

Under PMIF changes, if you are 25 years old or over and have $6,000 or more in your super account, you’ll automatically receive insurance on most plans when you join. Members can add insurance to their account, increase their insured amounts, or cancel their cover at any time.

If you are under 25 years old or have a balance under $6,000 and want insurance cover with us, you can apply online now

Please visit our PMIF FAQ page for more information. 

Changing your insurance cover

  • You can apply to increase, add or reduce your Death only cover or your Death and TPD cover at any time.
  • You can cancel TPD cover only, but you can’t cancel your Death cover and keep your TPD cover.
  • You can change your cover in multiples of $1,000, but any increase in Death and TPD cover will be subject to underwriting.

Log in to Member Online to manage your insurance. You will be asked to log in first if you click on the preceding link or button below, before being taken directly to the Insurance page.