Did you know most members have insurance in their super?

Are you one of them?

There are 13.5 million individual insurance policies inside super1 allowing Australians to have a level of protection and peace of mind. The problem is, only 40% of working Australians (around 5 million) claim they have insurance, either inside or outside of super. It’s likely many Tasplan members, possibly like yourself, have insurance without realising it.

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5 advantages of having insurance through super

  1. Confidence and peace of mind knowing that you have some protection in place. You can increase, decrease or cancel this cover -it’s your choice.
  2. Being financially independent in the event of something happening to you.
  3. Insurance is paid from your super account which means it doesn’t affect your take-home pay.
  4. Bargaining power – because we’ve negotiated competitive fees for our members, you’re likely paying less for your level of cover than if you were to buy insurance yourself.
  5. Tax benefits of paying for your insurance before-tax – which you don’t have when you buy insurance outside of super.

Why do I need insurance?


I’m young and single

Meet Simon, a 22 year old sparky who just moved out of home and into a share house. On weekends, he loves playing cricket for his local club. Simon recently found out he has income protection insurance through his super fund. This gives Simon peace of mind knowing he’d be able to cover his rent and other bills if he got a cricket injury and couldn’t work for a while.


I’m in a couple

Meet Sarah (28) and Cameron (31). They both work full time and recently bought their first house together. Cameron worries that if one of them got sick or injured and couldn’t work, they wouldn’t be able to cover their mortgage repayments. Lucky for them, Sarah just discovered they both have insurance in their super. This means they can relax knowing that they’d be covered if either one of them got sick, injured and was unable to work or died unexpectedly.


I have kids at home

Meet Cathy (36) and Sam (38). They both work full time, have two young children and a mortgage. Recently Cathy had an accident on her way to work and suffered a serious head injury. She ended up being off work for six months. Without her income protection insurance through her super fund, Cathy and Sam would have had to live on one income, something they would have found very difficult to do. And if the worst had happened, and Cathy had passed away, her death and total and permanent disablement insurance would have ensured Sam and their two children were looked after financially.


I’m mature and single

Dianne, 55, loves her job, but is looking to cut back her hours. She’d love a bit more ‘me’ time, but is worried that if she got sick or injured and couldn’t work, her retirement plans might go out the window. Dianne spoke to her super fund and was happy to learn she had income protection insurance, meaning she’d be covered if she became sick or injured and couldn’t work for a while. Not having to work for longer or dip into her savings gives Dianne peace of mind.


I’m mature aged

Meet Fiona (50) and Roger (53). Their kids have finally left home, and now they’re making the most of all their newfound freedom. Although they own their own home, Fiona and Roger are concerned about leaving other debts if they became sick, injured or died unexpectedly. Fiona and Roger met with their super fund face-to-face and were glad to hear that they had income protection and total and permanent disablement insurance in their super and would be covered if something happened.

Changes are coming!

On 1 July 2019, insurance for Tasplan members will be changing. This is as a result of:

  • recently passed Protecting your superannuation laws
  • Tasplan choosing to adopt the Insurance in Superannuation Voluntary Code of Practice and
  • the appointment of our new insurer, MetLife.

What’s Protecting your superannuation?

The Federal Government’s Protecting your superannuation package – announced in the 2018-19 budget – is a package of reforms designed to protect Australians’ super savings from unnecessary erosion by fees and insurance premiums.

What’s the Insurance in Superannuation Voluntary Code of Practice?

The Insurance in Superannuation Voluntary Code of Practice sets out the minimum requirements for insurance within super funds. It has five objectives which we agree to be bound by, they are:

  1. improving the insurance in super offered to you, and the processes by which we provide insurance benefits to you
  2. being: a) transparent b) fair c) respectful d) honest e) timely
  3. offering automatic insurance that’s appropriate and affordable, and not inappropriately eroding retirement incomes
  4. communicating to you in a clear and timely way and using plain language
  5. playing a visible role in the claims process, and ensuring you receive regular updates as well as a decision on your claim in a reasonable time frame.

Who is MetLife?

MetLife has provided life insurance cover for over 150 years and has been protecting millions of Australians since 2005. MetLife has a strong cultural fit with Tasplan and offers a track record of delivering solutions that are driven by technology and insights with a clear underwriting and claims philosophy and competitive pricing for members. MetLife was chosen by Tasplan after an extensive tender process.

What next?

If you’re affected by these upcoming changes you’ll receive a detailed letter from us including what, if any, action you’ll need to take. In the meantime you can:

  • check if you have insurance in your super by logging in to Tasplan Online now.