Insurance explained

At Mine Super, we offer 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. These include Death and Terminal Illness (DTI), Total and Permanent Disablement (TPD) and Income Protection (IP) insurance. Click the options below to find out more about the insurance cover available.

Death and Terminal Illness (DTI)

What is DTI?

Death and Terminal Illness (DTI) insurance pays a lump sum if you die or you’re terminally ill and medically certified to have less than 24 months to live.

The lump sum from DTI insurance can be used to help:

  • repay the mortgage and other debts
  • generate an ongoing income for your family
  • pay part of an estate plan for your beneficiaries
  • cover medical and funeral costs.

Eligible members automatically receive a set amount of Basic DTI insurance. If this isn’t enough for you or you’re not eligible, you can apply for Voluntary DTI insurance. Read the PDS and Insurance Guide to find out more about eligibility.

Is DTI insurance right for you? 

YouDo you need Death and Terminal Illness insurance?
Single with no kidsIf no one depends on you financially you generally don’t need DTI insurance. However, if your parents or siblings aren’t well-off, you might want a small amount of insurance to pay your funeral costs.
Just got marriedYou don’t need insurance just because you’re married, but if you’re planning to buy a house or have children, then you could consider getting it soon.
Baby on the wayOne of the most important times to have DTI insurance is when you have young children who rely on you. As soon as you find out you’re having or you’re adopting a child, you should think about insurance. If you already have insurance, you may want to re-assess your cover to make sure it’s enough.
Time to retireGetting DTI insurance at this time will be expensive, as your chances of claiming are higher. If your insurance is too expensive you could instead rely on your super to help your dependants maintain their lifestyle if you die.

Total and Permanent Disablement (TPD) 

What is TPD?

Total and Permanent Disablement (TPD) insurance pays a lump sum if you're unlikely to ever work again due to an illness or injury. This money can help you pay off debt, cover medical and rehabilitation costs, establish an income stream and modify your lifestyle to accommodate your disability.

You can have TPD insurance through Mine Super. Eligible members automatically receive Basic TPD insurance, but if this isn’t enough for you or you’re not eligible, you can apply for Voluntary TPD insurance. Read the PDS and Insurance Guide to find out more about eligibility.

Claiming on your TPD insurance

Unfortunately, too many people miss out on making a claim for their TPD insurance because they either don’t know they have it (since it's often automatically provided to them through their super fund) or they don’t know they’re eligible to claim.

You can make a claim on your TPD insurance even if you:

  • receive workers compensation payments
  • become injured or fall ill outside of work
  • are already claiming income protection benefits.

If you’re injured or ill and this has stopped you from working, make sure you give us a call on 13 64 63 to see if you meet the TPD definition and may be eligible to make a claim.

Income Protection (IP)

What is IP?

Income Protection (IP) insurance provides a regular income if you temporarily can’t work because of illness or injury. 
The benefit is paid on an ongoing basis, not as a lump sum, and is taxed as normal income. This type of insurance helps you continue paying your rent or mortgage, bills and covers the cost of running your car plus other daily living expenses.

How do I get IP insurance? 

If you’re an eligible member, you’ll automatically receive standard IP insurance once you become eligible. Standard IP covers you for:

  • Illnesses: if you have full cover, you’re covered for illnesses that first became apparent before and after your insurance started, while if you have Limited Cover you’re only covered for illnesses that first become apparent after your insurance starts.
  • Injuries: if you have full cover, you’re covered for injuries that occur after your insurance starts. You're not covered for injuries that occurred before your insurance started. 

If you’re not eligible for standard IP insurance, you can apply for Income Protection insurance at any time. To find out more about eligibility and IP cover options, read our Insurance Guide.

Who needs IP insurance?

This insurance is important for anyone who doesn’t have a lot of savings to draw on in emergencies or for people who’d prefer not to use the savings they do have. Even if you’re single and don’t have debt, you still have expenses such as food, bills and rent.

Unlike workers compensation, which only covers you if you become injured or ill during work, IP insurance covers you 24 hours a day, seven days a week and offers worldwide cover. You may also find workers compensation payments aren’t enough to cover all your expenses.

How much are you covered for?

Our IP insurance covers you for 75% of the salary you earned in the 12 months prior to becoming disabled plus 9.5% of this salary as a super contribution to your Mine Super account. If you're working but can't do all of your normal role, you'll be covered for the difference between what you're getting paid and 75% of your current salary.

There's a maximum amount you can be insured for. People working in mining, heavy manual or light manual occupations can have insurance to a maximum of $11,538.46 per fortnight, while those working in white collar and professional occupations can have insurance to a maximum of $18,461.54 per fortnight.

Tailoring your IP insurance

There are some features of your IP insurance you can tailor to suit your needs. These changes will affect the premium you pay for your insurance. 

Your waiting period

This is the length of time from when you stop work to when the insurance policy starts paying you an income. You can change the standard 60 day waiting period to 30, 90 or 120 days. Generally, the longer the waiting period, the cheaper the insurance policy will be, but you need to ensure you’ll have enough money to cover you while you’re waiting. Your sick leave and any accrued annual leave you may have with your employer can cover this gap. 

Tip: You can increase your waiting period up to two years under our Policy Extension Option. This feature allows you to run two separate IP policies one after the other. If you want to utilise this feature you need to tell us within 90 days of the date of your insurance welcome letter or when you claim on your policy. Note that your premiums won’t reduce if you select this feature.

Your benefit payment period

This is how long the insured amount is paid to you if you can’t work. We offer a standard two year benefit payment period, which can be increased to five years. Increasing your benefit payment period will also increase the cost of your IP insurance.

Tip: If you choose a 30 day waiting period or a five year benefit payment period within 60 days of your insurance welcome letter, you’ll be covered for pre-existing illnesses and the 20% smoker loading won’t apply. 

How much does insurance cost?

The cost depends on how much insurance cover you’d like to have, your age, gender and job classification. Premiums are generally more expensive the older you are, if you smoke, have a history of illness or work in a dangerous job.

There are two easy ways to find out how much insurance with Mine Super will cost:

  1. In your online account, select Manage my insurance and then click Apply for insurance to estimate the cover you’ll need and the premiums you’ll be charged
  2. Call our friendly team on 13 64 63 to get a quote over the phone. If you’re happy with the quote, we’ll send you the application forms you’ll need or you can request to complete the application over the phone with our insurer. 

Please note: all applications will need to be assessed by our insurer before they can be approved.

Things to consider

You can opt-in to add insurance cover before you’re eligible for Basic Insurance Cover or to keep your current insurance cover. This will allow you to keep your cover if your account becomes, or is already, inactive (that is, a contribution hasn’t been credited to your account for 16 months or more). 

Once you have insurance cover, you can change or cancel any time. Simply call us on 13 64 63, log in to your online account (for some changes excluding IP) or click here to use a form. 

If you cancel your Basic Insurance Cover (Basic DTI and TPD) and / or standard IP insurance within 90 days of the date your insurance started, we’ll refund your premiums to your account*. However, if you cancel it and decide later you want it, you won't be covered for any existing illnesses you have when you apply. You're never covered for existing injuries.

There might be times in the future when your insurance is cancelled or changed in line with the normal terms and conditions of our insurance, for example you reach the maximum age to have our insurance. If there are any material changes to your insurance, we’ll let you know in writing at least 30 days before the changes take effect. You can find out more by reading the Product Disclosure Statement and Insurance Guide. Importantly one of the best ways to keep your insurance is to make regular contributions to your account. The best way to do this is to have your employer contribute the compulsory super they pay for you to your Mine Super account.

*If you’ve chosen to opt-in for insurance, you won’t be eligible for a refund of premiums if you cancel your cover as you’ve elected to have this insurance on your account.