How much insurance do you need?

You may have automatically received some death and total and permanent disablement insurance when you joined Mine Wealth + Wellbeing, but most people need additional cover to meet their family budget if they can't work. To cover this gap, you can apply for extra insurance with us.

The amount of insurance you need depends on your income, debts and how many people depend on you financially. If you have a home loan and a family to consider, you’ll probably need more insurance than someone who is single and renting, who may only need to consider their funeral expenses. Generally, the more insurance you have, the higher your premiums. 

While the amount differs for everyone, a general rule of thumb is that most people need around ten times their annual income1.

Do I need income protection insurance?

In addition to death and total and permanent disablement insurance, you may have also automatically received income protection insurance when you joined Mine Wealth + Wellbeing. Income protection insurance, which covers temporary disability, is an important part of protecting your financial assets and works with your total and permanent disablement insurance, which usually has a longer waiting period.

For example, if you become totally disabled and can't work, you can claim on both your income protection and total and permanent disablement insurance. If your claim is accepted, you can receive your income protection benefits to see you through while you're waiting for your total and permanent disablement claim to be assessed. Before the insurer assesses your total and permanent disablement claim, you generally need to be medically certified as unable to work for at least six months. After this waiting period, it can then take many months for the insurers and your doctors to assess your inability to ever return to work.

Even if your total and permanent claim goes through, you can still continue to receive your income protection benefits.

 

Apply for more insurance at any time

To ensure your family can pay off debts and meet living expenses, consider topping up your automatic death and total and permanent disablement insurance by applying for Voluntary Insurance Cover.

If your employer isn't contributing money into your Mine Wealth + Wellbeing Super account, you might not get automatic insurance, but you can still take advantage of insurance designed specifically for the mining industry by applying to have Voluntary Death and Terminal Illness and Total and Permanent Disablement insurance with us. You can also apply for Income Protection insurance.

To find out more about our insurance, read our Product Disclosure Statement, including the Insurance Guide.

1 TNS Research: Investigating the issue of underinsurance in Australia, August 2005.