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Insurance in super

Protecting super balances from the cost of
insurance members may not need, want or
be able to claim on

 

Government changes to insurance in super

Protecting super balances from the cost of insurance members may
not need, want or be able to claim on

Want to have insurance in super?

Insurance needs calculator

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Members with inactive accounts

If your super account hasn't received a contribution or rollover for 16 months, you need to choose if you want to keep your insurance.

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Younger members and members with low super balances

If you're not at least age 25 and/or your super hasn't reached $6,000, you need to choose if you want insurance.

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Government changes to insurance in super

If you’ve recently received a letter from us about Government changes which may impact your insurance in super, learn more about the changes here and what you can do.

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Think ahead. Act now for the future

Things to know and consider when reviewing what type of insurance cover you need to help protect your financial future.

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Benefits of insurance in super

Insurance within your super can be an easy way to pay for life insurance cover without impacting your take home pay.

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Useful forms, terms and info

Need to understand more about insurance product names and terms?

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Insurance in super FAQs

  • Your premiums may be adjusted for:

    • your age
    • changes to your insurance, or
    • changes to your circumstances, such as changes to your occupation or employment.

    If we (or the insurer) make a change to your premiums, we’ll notify you of this in writing.

    View the current rates:

    • Plum members should log in to their account online.
    • Premium rates effective up to 31 July 2021 are available in this flyer for members of Plum Personal Plan, BHP Super Plan (Retained Benefits Division & Spouse Division) & BHP Superannuation Fund (Retained Benefits Division)
  • The more you pay in insurance premiums, means less going into retirement savings – but having the right amount of cover is important too. As you age the cost of cover increases, so that’s another thing to consider in striking the balance between super savings and insurance cover.

    As your circumstances change, you may need more, or less, cover.

    For example, an expanding family or a reduction in personal debt may differently influence your choice in the type and amount of cover you have. It’s important that you have the insurance cover that meets your needs at a cost that doesn’t unnecessarily diminish your retirement savings.

    One simple check is to calculate your annual insurance premium as a percentage of your annual gross salary. As a general guide, if it’s 1% or more (which is approximately 10% of the Superannuation Guarantee contribution, close to 10% of salary), you may want to consider your overall requirements. If you have an Income Protection benefit for a period of more than two years it’s likely that the cost of your insurance is more than 1%.

    If your gross annual salary is $75,000, for example, you might prefer to keep your annual insurance premiums to under $750.

    It’s easy to check the percentage of your annual salary you’re paying in annual insurance premiums: (your monthly premium amount x 12) / (your gross annual salary) x 100 = percentage of premiums paid.

    The type and amount of insurance cover that’s right for you depends on your personal, family and financial circumstances, as well as your income and lifestyle. And these factors can change – that’s why a regular review is so important.

  • If you’ve assessed the suitability of your insurance against your personal needs and would like to apply to increase your insurance cover, please complete an Increase your cover form under forms and documents.

    To cancel or decrease your insurance, you can download the insurance form by logging in to plum.com.au or call us. You can cancel your cover at any time.

    If you need help understanding more about your insurance, speak to a financial adviser or call us. See the relevant Product Disclosure Statement and Insurance Guide for full details.

    You might also like to check out our new insurance needs calculator which may help you determine the most appropriate insurance cover for your personal circumstances.

  • Here are some key things you should know that can impact your cover:

    • Changing or combining your superannuation
    • Changing your working hours
    • Working less than the required number of hours per week (usually a minimum of 14-15 hours)—to be eligible for Salary Continuance Insurance (SCI) cover
    • Having SCI, also known as Income Protection, benefits elsewhere
    • Being on a leave of absence for longer than 12 months
    • Being unemployed for longer than 13 months
    • Having an inactive super account (with no contributions or rollovers into your account for 16 months) means your insurance will be cancelled unless you tell us you wish to keep it.
    • Your super account needs to have sufficient funds to pay for the cost of your insurance and mustn’t become inactive (inactive means, no contributions or rollovers received into your account for over 16 months) to stay in place (unless you’ve provided us with your written election to retain your cover).

    For more information read your insurance guide by logging in to your account.

  • To find out when your insurance will end, refer to your Insurance Guide which is part of your Product Disclosure Statement by logging in to your account.

  • Our claims philosophy is to:

    • make prompt payments
    • communicate the process clearly
    • at all times treat our claimants, members and their beneficiaries with the utmost respect and empathy, and
    • pursue claims on the member’s behalf that we consider both reasonable and have reasonable prospect of success.

    We adopt a professional, compassionate and positive approach to claim management and actively seek to keep members at the heart of everything we do. We acknowledge that each claim is unique and must be dealt with on its own merits and we’re committed to being easy to deal with and providing outcomes to our members in a timely manner.

    How to make a claim

    If you would like more information on how to lodge an insurance claim, please see the Claims Guide.

    You can also call us on 1300 55 7586 so that we can help you through the claims process.

    Declined claims

    If your claim is declined and you don’t agree with the decision, please call us on 1300 55 7586.

    If you’re still not satisfied with the outcome, you can lodge your complaint with the Australian Financial Complaints Authority (AFCA) by calling 1800 931 678 (free call) or emailing info@afca.org.au

    AFCA provides fair and independent financial services complaint resolution that is free to consumers.

    To find out more

    You might also like to check out the insurance needs calculator which may help you determine the most appropriate insurance cover for your personal circumstances mlc.com.au/insurance-calculator

    If you would like to find out more about insurance, whether you require cover, what expenses you want your policy to cover after you die and how much cover you may need, the Australian Securities and Investments Commission (ASIC) website moneysmart.gov.au has information about life insurance including a Life Insurance Calculator to help you estimate this.

Protect the financial security of
you and your family

If something were to happen to you, would your partner, children or other family experience financial difficulty?

  • If you were to die
  • If you were unable to work for the rest of your life
  • If you were temporarily unable to work

If you have answered yes to any of these questions you should ensure you have sufficient insurance.  



Life Insurance

Your most important asset is probably your family, but how can you provide for them if you are not around?

  • Life cover pays a lump sum in the event of death or terminal illness.
  • Life cover can also be referred to as death cover.

Total & Permanent Disablement

Small and regular contributions could be one way to increase your super balance. What would happen if you had a serious accident that left you unable to take care of yourself or your family?

  • TPD pays a lump sum if you are totally and permanently disabled due to an illness or injury.

Income Protection Cover

Who will look after your bills if you are unable to work due to illness or injury.

  • IP replaces up to 75% of your regular monthly employment income if can't work due to disability or injury.
  • IP can also be referred to as salary continuance.

 

Assistance over the phone

If you prefer to talk to someone about your super, we also provide assistance over the phone.

We understand that every member is unique and as such offer varying levels of phone support to ensure you receive the service best suited to your needs.

Call us on 1300 55 7586 between 8.00am and 7.00pm AEST (8.00pm daylight savings time), Monday to Friday.

Please note: If your insurance arrangements are complex you may not have access to the Insurance Advice Calculator but you are still able to call us for help.