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, terminally ill or die. We offer*:
If you become eligible for insurance cover after you join the Fund^, you’re automatically part of our insurance Default Division. This offers a range of competitive insurance cover options and allows members in dangerous occupations to receive insurance cover earlier. You’ll also have a one-off opportunity to opt-in to our insurance Mining Division within 60 days of the date of your Insurance Welcome letter. If you opt into the Mining Division, you’re unable to switch back into the Default Division. If you decide to not opt into the Mining Division, you’re unable to do so in the future.
*These are simplified descriptions of the insurance options - please refer to the Product Disclosure Statement and relevant Insurance Guide for the complete definitions, eligibility criteria, and other important requirements.
^Members who joined Mine Super prior to 20 May 2024, if eligible, can only have insurance in the Mining Division and cannot transfer into or apply for cover in the Default Division.
If eligible, Basic Cover in the Default Division is provided automatically and consists of two units of death cover up to age 70 and two units of TPD Cover up to age 65.
When Basic Cover automatically starts for you depends on which Occupation Group you’re in. If we don’t know your occupation or your occupation is considered dangerous, you’ll be in Group 1 - High Risk (Undeclared) or Group 1 – High Risk. Your cover will start automatically after all the following have occurred:
For a list of occupations included in the Group 1 – High Risk (Undeclared) and Group 1 – High Risk Occupation, please refer to the Dangerous Occupations section below.
If you tell us your occupation falls under an Occupation Group other than Group 1 – High Risk, your cover will start automatically after all the following have occurred:
Note: You can opt in to insurance cover beforehand, but will need to be aged 18, have received a mandatory employer contribution into your account or you’re self-employed; and your account balance is at least $500. It’s important you tell us your Occupation Group as it affects how much you pay for your insurance. If you don’t, you could pay more for your insurance than you have to.
Did you know? Once your Basic Cover has started in the Default Division, you can opt-in to the Mining Division within 60 days of the date of your Insurance Welcome letter. You do not need to be a miner to opt-in to the Mining Division. Once you’re in the Mining Division, you’re unable to switch back into the Default Division, but you can cancel or change your insurance at any time. If you decide not to opt into the Mining Division, you’re unable to do so in the future.
Check out the options below to find out more about the insurance cover available on your Mine Super account.
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:
Eligible members automatically receive an amount of Basic DTI cover. If this isn’t enough for you or you’re not eligible, you can apply for Voluntary DTI cover. To find out more about eligibility please read the PDS and relevant Insurance Guide.
If you’re injured or ill and this has stopped you from working permanently, make sure you give us a call on 13 64 63 to see if you’re eligible to make a TPD claim. You can make a claim on your TPD insurance even if you:
Income Protection (IP) insurance provides a temporary income if you can’t work because of illness or injury. Following meeting the definition of the applicable waiting period, you’ll receive IP payments for a specified benefit period, as long as your treating doctor certifies that you continue to be unable to work due to the relevant illness or injury. This benefit is paid on a regular 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 other daily living expenses.
For details about our IP insurance, including how to get it, your waiting and benefit periods and how to tailor your insurance, read the PDS and relevant Insurance Guide.
While most super funds offer insurance cover to their members, they may not cover people working in a job that’s considered ‘dangerous’. If you work in mining, transport, or a related industry, jobs commonly excluded from insurance cover include miners, truck drivers, loaders, mechanics, flight crew, store persons.
At Mine Super, our insurance caters for members working in such high risk or ‘dangerous occupations’, who can find it hard to obtain adequate and reasonably priced insurance elsewhere, due to their jobs.
Government rules generally mean insurance cover can’t be automatically switched on unless you are aged at least 25 and have an account balance of at least $6,000. However, the rules also allow us to make an exception for members who work in a dangerous occupation. If you joined the Fund on or after 20 May 2024 and are eligible for insurance, and if you tell us you have a dangerous occupation (or if we don’t know your occupation), your cover will start automatically in the Default Division after all the following have occurred:
The following broad occupation categories are regarded as ‘dangerous occupations’ by the Fund, as specified in the Fund’s Dangerous Occupation letter prepared by a Fellow of the Institute of Actuaries of Australia:
Refer to the Dangerous Occupation Exception Election Letter to APRA.
The cost of your insurance depends on your insurance division, the type and amount of cover you have, and other factors depending on which Division you’re in, such as age, gender, Occupation Group, and smoker status (as applicable).
If your super account becomes inactive (e.g. it hasn't had a contribution, including a transfer from another super fund, for 16 months or more) and you haven't let us know you want to keep your insurance, your insurance will be cancelled. Before this happens you can opt-in to keep your current insurance cover, which will allow you to keep it even if your account becomes inactive (subject to the normal terms and conditions of our insurance being met), as long as you have sufficient funds in your account to pay the insurance fees.
Once you have insurance cover, you can change or cancel it at any time. Simply call us on 13 64 63 or click here to use a form.
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, if you have insufficient funds in your account to pay for your cover, or you reach the maximum age to have our insurance. To find out more please read the relevant Insurance Guide.
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 relevant 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.
*These are simplified descriptions of the insurance options - please refer to the Product Disclosure Statement and relevant Insurance Guide for the complete definitions, eligibility criteria, and other important requirements.
If you’re not sure if or how much cover you need, you can talk to an adviser from Mine Super Financial Advice, who are here to help you make confident and informed financial decisions. Meet the team or request an appointment with Mine Super Financial Advice.