Insurance explained

Death and Terminal Illness

Death and Terminal Illness (DTI) insurance provides a lump sum payment if you die or become terminally ill so your family can remain financially secure.

The lump sum from death and terminal illness insurance can be used to:

  • 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.

You can have Death and Terminal Illness insurance through Mine Super. Eligible employer-sponsored members automatically receive a set amount of Basic Death and Terminal Illness insurance. All members can apply for Voluntary Death and Terminal Illness insurance. 

How much does Death and Terminal Illness insurance cost?

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

Don’t work underground?

If you don’t work in an underground mine make sure you tell us your job classification by filling out the Change my insurance form. If you don’t tell us, you’ll be charged the mining rate. As this is the most expensive rate, you may pay more for your insurance than you have to. 

Is Death and Terminal Illness 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 Death and Terminal Illness 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 Death and Terminal Illness 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 Death and Terminal Illness 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

Total and Permanent Disablement (TPD) insurance provides a lump sum payment if you fall ill or are injured and can’t work again. This money helps you pay off debt, cover medical and rehabilitation costs, establish an income stream and modify your lifestyle to accommodate your disability.

You can have Total and Permanent Disablement insurance through Mine Super. Eligible employer-sponsored members automatically receive Basic Total and Permanent Disablement insurance, but if this isn’t enough for you or you’re not eligible, you can apply for Voluntary Total and Permanent Disablement insurance

Claiming on your total and permanent disability insurance

Unfortunately, too many people miss out on claiming on their Total and Permanent Disablement 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 Total and Permanent Disablement 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 stopped you from working, make sure you give us a call on 13 64 63 to see if you meet the Total and Permanent Disablement definition.

Income Protection 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.

Who needs income protection 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 need to eat and pay bills and rent.

Unlike workers compensation, which only covers you if you become injured or ill during work, income protection 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.

Eligible employer-sponsored members automatically receive standard IP insurance. If you cancel your Basic Insurance Cover 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 to take it, you won't be covered for any existing illnesses you have when you apply. You're never covered for existing injuries.

If you’re not eligible for standard IP insurance, you can apply for Income Protection insurance at any time.

How much are you covered for?

Our Income Protection 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 is 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 Income Protection insurance

There are some features of your Income Protection 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 to two years under our Policy Extension Option. This feature allows you to run two separate income protection 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 Income Protection 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.


Things to consider

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. You can find out more by reading the Product Disclosure Statement and Insurance Guide at 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.