Wealth manager MLC is in discussions with a number of superannuation funds regarding new avenues for additional protection for their members.
“A number of super funds are actively reviewing the insurance offer they have in place for their members, recognising that this is a valuable component of a member’s superannuation fund,” MLC Group Insurance general manager Megan Beer said.
“We are currently in discussions with a number of super funds to provide group insurance solutions and will announce future wins and developments in due course.”
News of the discussions comes after MLC Group Insurance announced its partnership with Qantas Super, allowing members access to additional levels of voluntary death and total and permanent disability (TPD) cover through MLC.
MLC won the proposition after the airline’s superannuation fund publicly invited all insurers to provide a proposal that best suited their membership through a formal tender process in 2011.
Beer said Qantas Super members could apply for the additional insurance cover online.
“Whilst superannuation funds provide some level of insurance cover, it is often not enough for what people actually need to provide for their family and create financial relief if an unforeseen event was to occur,” she said.
Members can apply for up to $750,000 worth of death cover and TPD cover can be applied for without the need for medical tests and up to $50,000 in additional death and TPD when a major life event occurs.
Up to $1.5 million of death and TPD cover can be transferred into their Qantas Super account and medically underwritten cover for up to $10 million in death and $3 million in TPD can be assessed.
The agreement marks the first time MLC and Qantas have worked together.
