For you and your family
We recognise the importance of protecting you and your family.
Our insurance arrangements have been carefully designed to provide simple, low cost cover, with the flexibility to change your cover as your needs change.
Affordable, flexible insurance
- Our insurance cover applies 24 hours a day, 7 days a week, not just when you are at work.
- You can select from a range of cover options and apply to change your cover at any time as your needs change.
- Your premiums are paid from your super account so you and your family are protected without reducing your take-home pay.
- The cost of insurance cover through your super is generally lower than for retail products because we buy insurance cover at a discounted bulk rate.
- Our bulk buying of insurance cover enables us to provide default insurance cover for our members without the need to provide health information or medical checks.
MyLife MyInsurance offers Death, Total and Permanent Disablement (TPD) and Income Protection (IP) cover.
Why insurance cover is important for you and your family
For most of us, our ability to work is our major source of income.
In the event of a crisis, such as an accident or serious health issue, your regular income may no longer be available – while living expenses and bills still have to be paid.
Having insurance cover helps protect you and your family against the added financial burden that will arise in these circumstances and gives you peace of mind knowing your family is protected.
It is particularly important to have the right level of cover if you:
- rely on your salary to meet your day to day living expenses
- have a home loan, car loan, personal loan or credit card debt
- support others financially – insurance provides them with financial security for the future as well as you.
Insurance in Superannuation Voluntary Code of Practice
The Insurance in Superannuation Voluntary Code of Practice commences on 1 July 2018. The overarching objective of the Code is to improve the insurance in superannuation offered to you, and the processes by which we provide insurance benefits to you.
We will start to implement Code of Practice from its commencement date of 1 July 2018.