Insurance spotlight: life events

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.

 

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:

Be mindful that if you increase your insurance, your insurance premiums will also increase. 

 

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:

Turn to Mine

New – track the progress of your claim online