Understanding insurance through your superannuation

The Macquarie Superannuation Plan gives members access to a range of insurance cover options through multiple approved insurance providers. Your financial adviser can help to structure the most appropriate life insurance cover through MIML’s Wrap platform.

The types of cover available are:

• life insurance (also referred to as death cover) – provides a lump sum (also called a ‘death benefit’) if you pass away or are diagnosed with a terminal illness
• total and permanent disability (TPD) insurance – provides a lump sum if you suffer total and permanent disablement  
• disability income (also referred to as income protection insurance) – provides a monthly benefit to replace income if you’re unable to work, due to illness or injury, for longer than the specified waiting period.

To read more about these options, visit Insurance options through your Macquarie super account.

From 1 July 2019, Protecting Your Super (PYS) legislation requires us to cancel the insurance cover on super accounts that have been inactive (i.e. haven’t received any contributions or rollovers) for 16 months, unless you’ve asked us in writing to keep the insurance.  

This legislation was designed to ensure your super account balance isn’t eroded by insurance premiums for cover you're not aware of, or no longer need.

If your account becomes inactive, you’ll start receiving communications from us to remind you that your insurance may get cancelled if your account stays inactive. If you don’t want your insurance cover to get cancelled, there are two things you can do:

1. Make a contribution into your super account or roll over money from another super fund into your account so your account doesn’t become inactive. 
2. Tell us that you want to keep your insurance cover. This is also known as ‘making an election’.

If your needs or circumstances change, you can adjust your insurance cover by:

• increasing or decreasing cover
• changing benefits
• reducing the cost of cover
• transferring policy ownership.

You can do this by contacting your financial adviser or your insurer. Your insurer may offer additional options to assist you with your requirements.

We understand that you may be going through a difficult and emotional time when you need to make a claim. We recommend that you start the claims process directly through your insurer who will guide and support you every step of the way.

If you have a financial adviser, we suggest that you keep them informed about your intent to claim so they can provide support as required.

If you’re unable to contact your insurer, please call us on 1800 025 063, 9am to 5pm (Sydney time) Monday to Friday, so we can ask your insurer to contact you.

We’ll work with you and your financial adviser (if you have one) to provide additional support where needed on your claim.

MIML’s insurance providers are subscribers to the Life Insurance Code of Practice (Life Code).

The Life Code, introduced on 1 July 2017, encompasses all aspects of life insurance, including how products are designed and sold, timeframes to communicate decisions with customers, the claims process and how complaints are resolved.

The Life Code Compliance Committee (LCCC) monitors compliance with the Life Code. You can read the current Life Insurance Code of Practice at https://lifeccc.org.au

If you have a complaint, please see Resolve a complaint for more information.