From 1 July 2022, we’ll start a new insurance partnership with MetLife to help simplify our insurance offering, and make sure we continue to provide the best insurance products and services available with your super.
Our insurance products are designed to support you when you need them most. This is achieved by providing adequate insurance cover, with premiums paid directly from your super account, that’s affordable, without unnecessary cost.
We selected MetLife following a rigorous tender process, where we identified that they would be best positioned to support our insurance products going forward. They have strong capabilities to support and provide tailored insurance products and a great experience for our members.
Our insurance products support our members over the long term, and an ongoing partnership with MetLife supports this goal.
Insurance cover means you’re protected if the worst should happen. It’s not something we often want to think about, but insurance in your super can be useful for those unforeseen events when you’re glad you’re protected.
We’re always trying to keep things simple, and we want to allow flexibility so you can tailor our insurance products to suit your needs. With insurance in your super account, costs are kept low, and they can be funded from your super savings.
At Equip, we offer three types of insurance:
• Death cover - provides a lump sum insured benefit for your family should you die.
• Total and Permanent Disablement - provides a lump sum benefit to help you cover your financial commitments if an illness or injury causes you to become totally and permanently disabled.
• Income Protection (IP) - provides you with a monthly income if you’re injured or ill and aren’t able to work. IP cover helps you to continue paying your expenses while you are away from work.
The level of cover you have, and need, can vary. As a fund, we provide a default level of cover for most members, however we understand that everyone’s needs are different so you should consider whether the cover you have is appropriate for your needs and make changes where it isn’t.
You’ll receive an update from us with further details around what this means for your account in the next few weeks. Read the relevant Product Disclosure Statements, and you can get in touch with us to find out more.
