Insurance cover opt-out

One of Mercy Super’s most important benefits is our comprehensive insurance cover. With a needs-based design and premiums deducted from your Mercy Super account with no commissions, this cover is an efficient way to provide financial protection for you and your family.

However, if you don’t want your standard cover package to be provided to your automatically when you become eligible, you can elect to opt-out.

Your standard cover package

Subject to eligibility conditions, if you join Mercy Super within 120 days of starting with a core participating employer, you are eligible for the standard cover package. Unless you opt-in earlier, this standard cover package is generally provided to eligible members automatically aged 25 or over when their account balance first reaches $6,000.

The standard cover package provides salary-based cover where salary details are provided to us by your core participating employer. If you are not eligible for salary-based cover, you are provided with the unit-based standard cover package.

For both salary-based cover and unit-based cover, your level of cover changes automatically according to your age and includes:

• Death cover – provides a lump sum benefit where your cover increases in the years where the loss of your income would generally have a significant impact on your dependants and reduces as you get closer to retirement.
• Disability benefits – a monthly Income Protection benefit with a 5-year benefit period to help you and your family meet ongoing living expenses if you’re unable to work for a period of time; and – a lump sum Total & Permanent Disablement benefit which can help you and your family meet the costs associated with your permanent disability.