Insurance
An important part of any good financial plan is insurance. Unforeseen events could easily rob you of your hard-earned savings – how long could you and your family manage if you had to stop work because of illness or injury?
Maritime Super offers peace of mind in the form of cost-effective insurance cover, giving you the flexibility to change your cover as your circumstances or priorities change.
Insurance with Maritime Super also makes sense as our group buying power (for insurance cover provided under an insurance policy) means we can generally offer premiums cheaper than personal rates. In some membership categories the employer may pay for its employee's Basic insurance cover.
Maritime Super's range of insurance products include:
Death cover
Death cover provides an insured benefit which is payable on your death to your dependents (or your estate). This is in addition to your superannuation account balance.
For members with defined benefit style benefits, your death benefit will generally include a future service (or insured) component.
Please note: Death Cover is generally not available to pension members.
Total & Permanent Disablement (TPD) cover
Total & Permanent Disablement (TPD) cover provides an insured benefit which is payable if you become Totally and Permanently Disabled (as defined in the rules of the Fund or as assessed by the Insurer as appropriate). For members of the Seafarers division and Maritime Super division, this insurance must be taken in conjunction with Death insurance. In the Stevedores division, Death and TPD insurance can be taken separately, however, TPD insurance cannot exceed the amount of death insurance held. As with Death cover, this insured benefit is paid in addition to your superannuation account balance. For defined benefit members a future service (or insured component) will generally be included in the TPD benefit.
You will need to meet the definition in the Trust Deed (and any relevent insurance policy) to qualify for this benefit. Additionally, you must hold death insurance in conjunction with your TPD insurance at all times.
Please note: TPD insurance is not available to all categories of membership.
Income Protection or Salary Continuance cover
Income Protection or Salary Continuance insurance cover provides you with a regular income for a specified period (usually up to two years) in the event that you are unable to work in your usual job because of sickness or injury.
For Maritime Super members, this type of insurance is generally only available if you are working in the maritime industry for a participating employer and we are receiving employer contributions on your behalf.
As different options are applicable to different membership categories, please refer to your Member Guide for the full insurance details available to you or contact Member Services.
Learn more about the insurance options available for Maritime Super members and their families.
Seafarers division and Maritime Super division
Insurance cover is provided by AIA Australia Limited.
Stevedores division
Death and TPD insurance is subject to approval by the Maritime Super Trustee.
Income Protection insurance cover is provided by Australian Income Protection Pty Limited (underwritten by Various Underwriters at Lloyd's).