If you have our standard cover package, you can:
Adjust your standard Death and Total & Permanent Disablement (TPD) cover
- If you have salary-based standard cover, you can elect to move to unit-based cover (your standard Income Protection cover will also change to the unit-based cover amount unless you elect to keep salary-based cover).
- If you have unit-based standard cover, you can reduce your Death and TPD cover from two units to one unit (which will also apply to any unit-based Income Protection cover you have).
- You can cancel your standard Death and TPD cover, or your TPD cover.
Adjust your standard Income Protection cover
- Within 90 days of first joining Mercy Super you can reduce the waiting period on your standard Income Protection cover from 60 days to 30 days without providing medical evidence (Voluntary Income Protection cover premium rates will then apply).
- If you have salary-based standard cover, you can reduce your income replacement benefit amount from 85% to 50% of salary (you will still be covered for the 10% super contribution to your account, providing a total cover amount of 60% of salary).
- If you have unit-based standard cover, you can reduce your cover level from two units to one (which will also apply to your Death and TPD cover amounts).
- If you have previously reduced your unit-based cover to one unit, you can apply to increase your cover to two units.
- You can cancel your standard Income protection cover.
Use our flexible cover options
You can also vary your insurance cover, including options to:
- Apply to increase your Death and/or TPD cover by adding fixed cover of any amount* to standard cover.
- Vary your Income Protection with a range of benefit and waiting period choices.
- Cancel your cover.
Certain conditions apply and any changes to your cover may be subject to approval by the Fund’s insurer after the assessment of any requested health evidence.
To find out more read the Insurance in your super guide.
* Maximum TPD cover ($3 million) applies to your total market cover provided through policies with the insurer and any other Australian life insurer. Note: Total TPD cover (standard and additional) cannot exceed your total amount of Death cover at the time of application.
How to change your cover
If you don’t think your insurance is right for you, you can apply to increase, reduce, cancel or adjust some of your cover options to suit your own personal circumstances. You can do this by completing an Adjusting your insurance cover form.
You can also cancel part or all of your cover by logging into your account through Member Online.