Insurance through your super
Insurance in Superannuation Voluntary Code of Practice
The Insurance in Superannuation Voluntary Code of Practice commenced 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.
MyLife MySuper will start to implement Code of Practice from its commencement date of 1 July 2018.
How insurance with your super works
Many of our members are eligible for our flexible insurance cover. There are great benefits to being insured through your super and premiums are deducted from your super balance so it doesn't affect your take home pay.
We offer 3 kinds of insurance cover including:
- Income Protection (IP)
- Death & Total and Permanent Disablement (TPD), and
- Death only
Income Protection cover provides you with a monthly benefit replacing part of your income while you are unable to work due to illness or injury.
Death & Total and Permanent Disablement cover provides you with a lump sum payment if you become totally and permanently disabled.
Death only cover provides your dependants or estate with a lump sum payment in the event of your death.
The benefits of insurance in super
MyLife MySuper’s simple, flexible cover makes it easy to ensure you and your family are protected – just in case.
Easy, flexible protection
Eligible members receive our default insurance cover when they join. You can apply to adjust your cover to suit your needs through our member secure site, MyLife Online.
Affordable cover
Our premiums are competitive, as we are able to purchase your cover at a discounted bulk rate for all our members. It’s also good to know you’re covered 24/7 – not just when you’re at work.
Automatic payments
Make sure you have enough cover to protect your particular situation – without impacting your budget. Premiums are deducted from your super account.
New member? You may be able to increase your cover
As a new fund member, you may be able to increase your default cover straight away when you join MyLife MySuper. Just let us know within 60 days of receiving your welcome letter that includes your MyLife MySuper membership number, and you could double your default Death and TPD insurance, and increase your Income Protection cover.
You’ll need to answer some basic health questions to be eligible for this special offer.
Learn more about insurance through super
Learn about our insurance options
Find out the difference between IP, TPD and Death only cover. Our policies are designed to support you and your family financially during a range of challenging situations.
Find out moreUnderstand your insurance needs
It’s important to have the right level of cover, especially if you rely on your income to meet everyday expenses, have a mortgage or other loans, and support others financially.
Find out moreHow much does insurance cost?
This depends on your age and the level of cover you need. Calculate your annual premiums to compare how affordable insurance through your super can be.
Work out my premiumsInsurance guide
Read all the details on insurance cover for our members in our Insurance guide.
We're here to help
We can help guide you if you have any questions about your insurance cover options.