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.
Taking Voluntary insurance with Maritime Super also makes sense as our group buying power can mean that we offer premiums cheaper than personal rates and we can deduct the premiums directly from your account so that you don't have any out-of-pocket expenses.
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 notgenerally 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 which includes the terms of the insurance policies). For members of the Seafarers 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 is in addition to your superannuation account balance. A future service (or insured component) will generally be included in the TPD benefit of those with defined benefit style memberships.
You will need to meet the definition in the Trust Deed (and any relevant 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 in 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 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.
Insurance cover is provided by AIA Australia Limited.
Stevedores division
Death and TPD insurance is provided by AIA Australia Limited.
Income Protection insurance cover is provided by Australian Income Protection Pty Limited (underwritten by Various Underwriters at Lloyd's).