Insurance is a very important part of your financial planning as it gives you and your family financial security should you become permanently disabled or pass away.

Smartsave ‘Members Choice’ provides a range of low-cost insurance options designed to help you make sure you have the right level of cover for your personal circumstances. Taking out insurance through the Fund has a number of advantages and includes:

Automatic insurance (default cover) for all Employer sponsor (Choice and MySuper) members with no medical requirements. Optional insurance benefits are also available for Smartsave Personal Choice members.

Smartsave ‘Members Choice’ insurance covers offer:

  • Tax-effective premiums deducted from your super member account
  • Options to increase or decrease your covers
  • Option to transfer your existing cover into the Fund

Insurance Options

The type of insurance Smartsave ‘Members Choice’ offers depends on whether you joined the employer sponsor division or the personal division. As well, some employees may hold tailored insurance arrangements established by their employer within Smartsave Employer Super.

Smartsave Employer Super (Choice and MySuper) – All members are provided with one unit of automatic insurance (default cover) by the Insurer MLC Limited (MLC) as part of their membership.

Smartsave ‘Members Choice’ offers the following insurance covers:

Death – a lump sum payment in the event of your death or terminal illness. Up to $10 million underwritten cover available.

Death & Total and Permanent Disablement (TPD), and Terminal illness – a lump sum payment if you become totally and permanently disabled (as defined). Up to $3 million underwritten cover is available.

Income Protection (IP) – a monthly benefit* of up to 75% of your normal salary or wage and 9.5% superannuation  (or $30,000 per month), if you cease working because you become totally or partially disabled.

* The benefit is paid after a 30 or 90 days waiting period if underwritten and continues for a maximum of 2, 5 years or to age 65 if underwritten.

Automatic Default Insurance Cover
On joining Smartsave, eligible employer sponsor members automatically receive the applicable Default Cover without any medical check. The level of cover and the cost of the Default Cover depends on a range of factors, including age, occupation and gender.
Note there are costs associated with insurance cover and each member is responsible for meeting the costs of their cover. Please refer to the Smartsave Insurance Guide for full details click here.

Smartsave Personal Choice – Optional insurance benefits are available for members for:

  • Death only
  • Death & Total and Permanent Disablement (TPD); and
  • Income Protection cover

Health evidence is applicable, and the health evidence section of the Personal Choice application needs to be completed.

A Full Personal health Statement will need to be completed if you apply for:

  • More than $800,000 death and/or TPD cover; or
  • More than $6,000 per month income protection benefits; or
  • You answer “Yes’ to any of the questions 1 to 4 and 6 to 10 of the Personal Choice application health evidence section.

Cover will commence on the day Member Services receives your fully completed application subject to:

  • Your account balance being sufficient to cover the premium due, and
  • MLC agreeing to provide cover for you.

Member Services will notify you of MLC’s decision in writing.

Application forms and the full personal health statement can be found on the forms & Publications page click here

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Increase your cover
It is well known that up to 96% of Australian families with dependents may under insured? For some people, the default cover may not be enough to provide necessary support for their loved ones, if an accident or illness ever happened to them. Smartsave ‘Members Choice’ offers a number of ways to minimise the risk to your family by increasing your cover.

Apply for additional underwritten Cover
You can apply to increase your insurance cover at any time. This means that you will need to provide the Insurer with satisfactory evidence of health and you will need to pass the Insurer’s assessment process before any additional cover can be provided. This process may include medical tests and physical examinations.

Transfer existing cover
Where a member is insured under another insurance policy and they have selected Smartsave ‘Members Choice’ as a result of “choice of fund”, they can transfer their existing death , Total and Permanent Disablement and / or Income Protection cover into Smartsave ‘Members Choice’ without medical underwriting (subject to meeting eligibility criteria).

Click here to read Smartsave Super Insurance Guide for detailed information.

Apply for additional cover

As long as you are under age 60, and you apply within 90 days of the occurrence of the event, you may apply for additional cover for the following:

  • Marriage, divorce, birth of a child, or adoption;
  • First mortgage, or home renovation on principal place of residence;
  • Becoming a carer for the first time, or the death of a spouse; or
  • Dependent child commencing secondary school, or completion of first undergraduate degree at an Australian university

Details of cover amounts available and terms and conditions can be found in the   Insurance Guide.

Smartsave ‘Members Choice’ Insurance at a glance and the Smartsave ‘Members Choice’ Insurance Guide provide detailed information on insurance cover availability, options and pricing. click here

General

Premiums

For the purpose of determining the premiums you will pay, your age next birthday is determined at the date you joined Smartsave ‘Members Choice’ and annually on the 1st day of July in each subsequent year. The premium paid is also determined by your occupation.

What age does cover apply to?

Occupation type summary – Includes

  • White collar – professionals, management, clerical and administrative workers
  • Light blue – qualified skilled tradesmen performing light to medium manual work such as electricians, plumbers and chefs
  • Dark blue – unskilled manual workers such as cleaners, bricklayers and fencing contractors.

Not all occupations can be covered. Where you do not think your occupation type is covered, give full details to our Member Services Insurance team member, or consult the occupational classification list available from Member Services or on the Forms & Publications Page click here

Further information about your insurance protection can be found in the Insurance Guide available on the Forms & Publication Page click here

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Other benefits

Rehabilitation expense benefit – Members who are being paid a total or partial disability benefit, may have expenses incurred as a result of participation in a rehabilitation program met by the Insurer.

Bereavement benefit – If a member dies while either a total or partial disability benefit is being paid, they may have a further lump sum amount equivalent to three times their monthly benefit paid from the date of death.

Family Carer benefit – This benefit may be paid if a family member leaves permanent employment to care for the member who is suffering a total disability and the Insurer is paying benefits to them. This payment is payable for a maximum period of six months (Terms and conditions apply).

Workplace modification benefit – If total or partial disability benefits are being paid to the member, the Insurer may pay an additional benefit up to two and a half times your monthly benefit for the purpose of modifying your workplace to facilitate your return to work. This benefit payment is at the Insurers discretion, and requires approval in writing before the expense is incurred.

Emergency transport benefit – The Insurer will reimburse emergency transportation costs incurred up to a maximum of $500.00 where an illness or injury resulted in Total or partial disability. This payment is only available if the emergency transport costs are not payable from other sources.

Interim Accident Benefits – While the Insurer is considering your application for income protection benefits cover, they will provide you with interim accident benefits up to a maximum of 90 days after the application is received, or until the date on which the Trustee is notified the application has been accepted or declined, the application has been cancelled or withdrawn, or you cease to be eligible for cover.

The Insurance Guide provides full details of when cessation of cover for income protection and total and permanent disability applies.

Further information about your insurance protection options can be found in the Insurance Guide or Insurance at a glance, available on the Forms & Publications Page click here