Insurance spotlight: life events

Super and investments 101 | Date Posted: 5 October 2021

Most Australians don’t think twice before insuring assets like their home and car, but it’s equally important to think of yourself as an asset. Consider that the average wage earner would make over $3.5 million over their working life1. That’s worth protecting! At Mine Super, we recognise the importance of financial security during times of injury or illness. We offer members a range of flexible insurance options designed to protect you and your family if you’re unable to work because of illness or injury, become permanently disabled or die. Our insurance caters for people working in mining and supporting industries, who often find it hard to get adequate and reasonably priced insurance due to the nature of their jobs.


Increase your cover after a significant life event

Did you know you can apply to increase your insurance cover by up to $100,000 without having your health assessed, following a significant life event? This extra insurance cover will be added to your account as a fixed amount of Voluntary Insurance Cover2 (Death and Terminal Illness (DTI) and / or voluntary Total and Permanent Disablement (TPD) insurance). You can apply to do this up to three times over the life of your cover, but only once within any 12 month period, when you:
  • get a new mortgage or increase your existing mortgage by at least $100,000
  • or your spouse have a baby or adopt a child
  • get married
  • have a dependent child starting high school
  • complete an undergraduate degree
  • become a carer
  • get divorced
  • have your spouse pass away.
Be mindful that if you increase your insurance, your insurance premiums will also increase. 

Here’s how

You can apply to increase your DTI only or DTI and TPD insurance by up to $100,000, and must do this within 180 days of the life event (and provide evidence the event occurred)3. You can apply through your online account under the Manage my insurance menu item. You’ll be taken to our insurer's (TAL Life Limited) site where you can submit your application. If you prefer, you can also apply by submitting a Increase insurance following a significant life event form.

Did you know? If you work in an open cut mine, your job classification should generally be ‘heavy manual’ and not ‘mining’. When you join Mine Super, you’ll automatically be given a 'mining' job classification. Your job classification is used to work out how much your insurance costs, so if you’ve not updated this or you’ve changed jobs, you could be paying more for your insurance than you need to.  

Super tip: You can see your current job classification through your online account or on your latest Annual Statement. You can also call us and ask for an Insurance Summary which outlines the cover you have on your account.

Case study | Your job classification 

Michael works as a dump truck operator in an open cut coal mine. Because he performs heavy manual work, works in an open cut mine for more than 20% of his total work time and spends less than 5% (or in Michael’s case, none) of his work time in an underground mine, his job classification is ‘Heavy Manual’. 

Not sure if you’ve got the right job classification? You can view the descriptions of all five job classifications in our Insurance Guide. If you need to make a change, you can do this online, over the phone or by completing a form. Find out more on our Change your existing cover page.

Scenario based on a fictitious person.

Insurance health check

Remember, insurance is not set and forget. As your circumstances change – such as a pay rise, a new house or a new baby in the family – take some time to review your cover and check that it still suits your needs. You can change things like:

Insurance explained 
You can review and manage your insurance (except IP) in your online account. For any changes to your IP cover, you need to complete a form. You can also change or cancel your cover at any time by calling us.

Turn to Mine

If you’re not sure if or how much cover you need, you can also talk to an adviser from Mine Super Financial Advice, who are here to help you make confident and informed financial decisions. Meet the team or request an appointment with Mine Super Financial Advice by clicking here.

New – track the progress of your claim online

Did you know you can now track the progress of your claim online? Simply log in to your online account and from your dashboard, go to Manage my Insurance to find out more.
1 Australian Bureau of Statistics. Based on full time adult average weekly ordinary times earnings as at May 2020, multiplied by 40 years of continuous employment.
2 The cost of this extra cover is based on Voluntary Insurance Cover premium rates.
3 To be eligible you must also be under 60 and not have received or applied for a permanent or temporary incapacity benefit or terminal illness benefit.