MyLife MyInsurance offers Death, Total and Permanent Disablement (TPD) and Income Protection cover.
When you join as an Employer Sponsored member, you're automatically given Death, Total and Permanent Disablement (TPD) and Income Protection (IP) cover (provided you meet the relevant eligibility). If you join our Personal Plan, you will need to apply for cover.
What is Death cover?
If you were to become terminally ill or die, Death cover will generally provide a lump sum payment to yourself, your dependents or your estate. This benefit will generally be paid alongside your superannuation account balance.
What is Total and Permanent Disablement (TPD) cover?
If you suffer from an illness or injury that prevents you from ever working in your occupation again, TPD cover will provide a lump sum benefit to you. Depending on your working circumstances and which definition of TPD that you meet, you may receive your benefit in staged payments or as a singular lump sum.
What is Income Protection (IP) cover?
Many people insure their house or car but overlook insuring their greatest asset – their future earnings. If you are unable to work because of illness or injury, Income Protection insurance is designed to replace part of your income.
For more information on the Default cover and Limited cover relating to this automatic cover, please read our
MyLife MyInsurance guide.
Special offer for new members – Package Choice options
New members of MyLife MyInsurance may be eligible to double their Default Death and TPD cover and enhance their Default IP cover when first joining their superannuation fund. But, this offer is only available within the first 60 days of receiving your super fund’s welcome letter.
You will need to answer some basic health and lifestyle questions and meet the eligibility criteria to be accepted for this offer. To apply, simply login to your MyLife Online account through your super fund’s website and click on Insurance to start the process.