Simply put, most Australians don't have adequate life insurance or income protection. With max's great value rates employers can help employees and their families get covered.
Who is max's insurer?
max Super's insurance is offered through AIG Life, one of the top insurers in Australia and the Australian subsidiary of one of the world's leading international insurance and financial services organisations.
Types of cover available
max Super provides the following types of insurance cover at some very competitive rates.
- Death Cover
- Death and Total & Permanent Disablement (TPD) Cover
- Income Protection Cover
Some benefits of insurance cover with max Super for business
- Competitive premium rates
- max's unique Smart cover offered as default
- Automatic cover for eligible employees
- Flexibility for employees to apply to vary their insurance cover at any time
- Continuation cover available (subject to certain restrictions)
How to set up insurance
There are two ways to set up insurance for your employees.
Smart cover (default cover)
max Super has designed a new approach to default insurance cover for employees. Unlike default insurance cover typically offered within super, max's Smart cover aims to provide a level of cover that's more appropriate to the typical life stage of average Australians, based on their age. max Super's Smart cover provides fixed amounts of Death & TPD cover across several age bands, and is automatically provided to max Super for Business members who meet the basic eligibility (unless you're applying for tailored cover). Businesses joining max with less than five eligible employees will need each employee to provide some basic info for assessment by the insurer, before Smart cover can be provided. For more info, see the insurance section of the PDS.
Tailored cover (flexible insurance design)
Employers can choose to customise the type and amount of insurance cover to suit the needs of their employees with max's Tailored cover. Employers can elect to provide their employees with any one of:
- Death Cover Only
- Death & TPD Cover
- Death Cover with Income Protection
- Death & TPD Cover with Income Protection
- Smart cover with Income Protection
The amount of cover can be set at a fixed amount or individually based on a formula using multiples of salary. Give one of our max Team a call to find out more about Tailored insurance.
Transferring cover from another insurer
If your current superannuation plan includes group insurance cover, we can transfer existing employee cover without requiring any further underwriting evidence (medical info) from your employees, subject to meeting certain requirements. Talk to our max Team if you'd like to explore this option.
Automatic acceptance levels
Generally your employees will be automatically accepted for insurance cover up to a certain level of cover without needing to provide any medical info, provided they meet the basic criteria. Businesses joining max with less than five eligible employees will need each employee to provide some basic info for assessment by the insurer, before cover can be provided. If you're applying for tailored cover, our Business super experts will discuss with you the level of automatic cover available to your business.
