Eligible members who use Stockspot Super can choose to apply directly to MetLife for insurance through their Super Simplifier account. MetLife provides, assesses and issues the insurance. Stockspot doesn’t provide insurance advice and doesn’t distribute or arrange the insurance product. Our role is limited to administrative support.
This guide provides factual information about the types of cover MetLife makes available, how to access MetLife’s tools and application, and what to check before transferring super. It doesn’t consider your personal circumstances, whether MetLife’s insurance is right for you or recommend whether insurance in general is right for you.
This guide will cover:
What insurance can eligible members apply for?
How are premiums paid?
How much does insurance cost?
How to apply directly to MetLife
What Stockspot can and can’t help with
Before transferring your super
Can existing insurance be transferred?
What insurance can eligible members apply for?
Eligible Super Simplifier members can choose to apply directly to MetLife for:
- Life cover, which may pay a lump sum to eligible beneficiaries if the insured member dies.
- Total and permanent disablement cover, which may pay a lump sum if the insured member meets the policy definition of total and permanent disablement.
- Income protection cover, which may pay a proportion of the insured member’s income for the applicable benefit period if the policy terms are met.
Cover is subject to eligibility, underwriting, exclusions, waiting periods and the policy terms. Read the current Insurance Guide and Product Disclosure Statement before deciding whether to apply.
How are premiums paid?
If MetLife issues cover, premiums are generally deducted from the member’s super balance. This means the premiums don’t come directly from the member’s bank account. However, they reduce the amount invested for retirement.
The tax treatment of insurance inside and outside super can differ. Stockspot doesn’t provide tax or insurance advice. Consider speaking with a qualified adviser if you need advice about your circumstances.
How much does insurance cost?
MetLife calculates premiums using factors such as age, cover type, cover amount and personal risk factors. Eligible members can use MetLife’s premium calculator for an estimate before applying. The calculator and any estimate are provided by MetLife.
Premiums can change. Members should review their cover and its effect on their super balance over time. Stockspot can help locate relevant documents but can’t recommend a type or amount of cover.
How to apply directly to MetLife
1. Read the documents
Read the current Insurance Guide and Product Disclosure Statement. These documents are issued for the insurance made available through Super Simplifier.
2. Use MetLife’s tools
To help you consider whether MetLife insurance is right for you, you can access MetLife’s needs tool and premium calculator. These tools are provided by MetLife and don’t constitute advice from Stockspot.
3. Access MetLife’s application
Once your Super Simplifier account is open, use the insurance section in your dashboard to access MetLife’s application. If you proceed, you’re applying directly to MetLife.
4. MetLife assesses the application
MetLife may request further information or medical evidence. MetLife decides whether to offer cover and whether any exclusions, loadings or other terms apply.
5. Receive the outcome
You’ll receive the outcome of MetLife’s assessment. Stockspot may display or communicate administrative information about the outcome but doesn’t make the decision.
What Stockspot can and can’t help with
Stockspot can provide routine administrative support. This may include helping you find the relevant documents, access the application, identify missing administrative information and understand the status of an application.
Stockspot can’t recommend whether you need insurance, what type or amount of cover you should choose, whether a policy is suitable, or whether you should replace existing cover. If you need personal insurance advice, speak with a suitably qualified insurance adviser.
Before transferring your super
If you have insurance in another super fund, don’t close that account or complete a full rollover until you’ve checked what will happen to the cover. Existing cover may end when the account is closed. If you apply for new cover from MetLife, wait until MetLife confirms that the new cover has commenced before cancelling existing cover.
Can existing insurance be transferred?
Group insurance held through another super fund generally can’t be transferred. Contact your current fund to understand the conditions for keeping that cover.
If you have an individually arranged policy, contact the insurer or adviser who arranged it to ask whether the policy can continue and whether premiums can be paid from your Super Simplifier account. Stockspot doesn’t advise on or arrange the transfer of existing insurance.
Ready to review the information?
Once your Super Simplifier account is open, go to the insurance section in your dashboard to read the relevant documents and access MetLife’s tools and application. Choosing to proceed is your decision and any application is made directly to MetLife.
Questions?
Stockspot’s Client Care team can help with administrative questions about accessing the documents or application. We can’t provide insurance advice. For questions about cover, underwriting, policy terms or a MetLife decision, contact MetLife directly or seek advice from a suitably qualified insurance adviser.
