Insurance through super

Super and investments 101 | Date Posted: 21 December 2020

Insurance can give you peace of mind as it provides financial support to protect what’s important to you if you die or have to stop work due to illness or injury. Insurance through your Mine Super account is easy to manage as premiums are automatically deducted from your super so you don’t have to remember (or budget) to pay for it. Read on to find out more about the different insurance types available and some key features you may not yet know about.

Insurance through your Mine Super account

Did you know? More than 70% of Australians that have life insurance hold it through super.
  • Income Protection | Provides a temporary income if you’re unable to work due to an illness or injury.
  • Total and Permanent Disablement | Pays a lump sum if you’re unlikely to ever work again due to an illness or injury.

  • Death and Terminal Illness | Pays a lump sum if you die or you are terminally ill and medically certified to have less than 24 months to live.

Generally, we provide you with insurance cover automatically when you’re aged between 25 and 64, have a balance of at least $6,000 and your employer is paying super contributions to your Mine Super account1 .


Here for miners

We’re one of the few super funds that offer insurance to workers in coal mining and other high risk occupations, who often find it hard to obtain suitable and reasonably priced insurance due to the nature of their jobs. At Mine Super, we offer flexible insurance options with fairer insurance premiums for those in mining.


Top four insurance features you may not know about

At Mine Super, we’re here to help you make informed decisions. If you have insurance with us, here are some of the great features you can access to get the most out of your insurance with us.

1. Manage your insurance online

You can manage your insurance cover through your online account (with the exception of Income Protection). This includes applying for insurance, cancelling it or changing your cover. You can also start an insurance claim. Did you know? If you have insurance through another provider but decide you want to transfer to Mine Super, you can do that online!

2. Increase your cover after a significant life event

You can apply for an insurance increase of up to $100,000 following a significant life event through your online account or by submitting a form. You can apply to do this up to three times, but only once within a 12 month period, if you:
  • get a mortgage
  • have a baby
  • get married
  • have a dependent child starting high school
  • complete an undergraduate degree
  • become a carer
  • get divorced
  • have your spouse pass away.

This extra insurance will be added to your account as voluntary Total and Permanent Disablement and Death and Terminal Illness insurance. Be mindful that if you increase your insurance, your insurance premiums will also increase. 

3. Your job classification and recorded salary affect your premiums

It’s important we have your correct details as it could affect the cost of your insurance. You should tell us:

  • Your salary2 (if we don't know your salary, we'll use a salary of $80,000 pa, excluding super).
  • Your job classification. If you don't let us know your job classification, you’ll automatically be classified as ‘mining’ (if you don't work in an underground mine for more than 5% of total work time you could pay more for your insurance than you need to if you don’t update your job classification).

Super tip

If you change jobs, even if you change industry, we've got your back. It’s easy to take your Mine Super account with you to your next job, simply download and fill in the Super Standard Choice form and share it with your new employer. Don’t forget to review and update your salary and job classification in your online account so your insurance details are up to date.

4. Your insurance will automatically stop if your account hasn’t had a contribution for 16 months

Due to recently introduced laws, if your account hasn’t had a contribution (including a transfer from another super fund) for 16 months, your insurance will stop automatically, unless you choose to keep it. One of the best ways to keep your insurance is by making regular contributions to your account, for example by having your employer pay your compulsory super contributions to your Mine Super account. If you’ve made an Income Protection claim and receive Income Protection benefits, it’s important to know these are not counted as a contribution to keep your account active.


Importance of having the right insurance for your needs

The type and amount of cover you need depends on your personal circumstances. To work out how much Income Protection insurance you need, you can prepare a budget. This will help you see your monthly expenses and the income you'll need to replace.

When deciding if you need Total and Permanent Disablement insurance, and how much, think about the expenses you'll need to cover if you were permanently disabled and unable to work. These could include living expenses for you and your family, repaying debts such as a mortgage or credit card, medical and rehabilitation costs and savings you need for retirement. Also think about what you have that could help pay for these costs, including Income Protection insurance or any savings you may have.

To decide how much Death and Terminal Illness Cover you need, consider how much money you or your family would need to pay the mortgage, credit cards and any other debts, child care, school fees and ongoing living expenses; and how much you receive from super, savings, the sale of any investments, your paid leave balance, and support from your extended family.


If you need to make a claim

If you need to make a claim, it’s important to call us as soon as you can so we can commence your application. We’ll help make sure you’re claiming for the right type of insurance and know what you need to do to make a claim.

Turn to Mine 

You can review and manage your insurance in your online account. If you’re not sure if or how much cover you need, check out the MoneySmart life insurance calculator. You can also talk to an adviser from Mine Super Financial Advice, who are here to provide the help you need to make confident and informed financial decisions. Meet the team or request an appointment with Mine Super Financial Advice by clicking the here.


1 Refer to our Insurance Guide for full eligibility rules.

2 It's important to tell us your salary because if your actual salary is less than this, you'll be covered only for your actual salary and may pay more for your insurance than you need to. If your salary is more than this you may not have enough cover for your needs.