Early access to super applications

If your application through myGov for an early release payment is approved by the ATO, they will send you a confirmation and notify Media Super. We will generally process your payment within five business days. Read the full details about timing and info to check before applying.

Putting the sure in insurance

Insurance 0 0

As a member of the Media Super community, you are able to take advantage of competitive insurance cover for death, total & permanent disablement (TPD), and income protection (IP).

Due to increases in claims and insurer costs, super funds across Australia are being forced to increase their insurance premiums, with some more than doubling. In fact, some insurers and reinsurers are no longer offering group insurance to super funds as costs have become too high.

As insurance premiums continue to rise across the super industry, Media Super has redesigned our insurance cover to ensure that premiums can remain at reasonable levels. We understand the importance of protecting your most important assets – you, your income and your family – so we are dedicated to providing you with affordable insurance at sustainable premiums.

Despite unavoidable premium increases, insurance through Media Super can be more cost–effective than arranging your own cover outside of super.

Long–term protection for you

With the prospect of big increases in premiums, especially for older members, we took a step back and reviewed our entire insurance offering. Some of the key changes include:

1. Longer periods of cover

Members with assessed as totally and permanently disabled will be provided with an initial lump sum to cover early medical and other requirements, such as house modifications. This will be supplemented by IP for up to five years (if this cover is held by the member as well), a benefit previously only paid for two years. This increased period for IP means members will continue to receive benefits after other income support, such as WorkSafe, has ceased, and can continue to focus on an eventual return to work.

Members will also be able to apply for IP cover beyond the default five– year period, with a benefit period to age 65.

2. Simplified Income Protection cover

We have simplified how IP cover is calculated. Your IP cover amount is currently based on a calculation using the Super Guarantee (SG) contributions made by your employer on your behalf.

From 31 March 2016, your IP cover will convert to unit– based cover – where each unit represents $500 of cover per month – and your benefit will change to the lesser of your cover and 75% of your salary plus 12% super contributions (totaling 87% of your salary), subject to the maximum benefit limit.

3. Changes to TPD eligibility

There will also be significant changes to the definition of 'Total & Permanent Disablement' which must be met in order to receive a TPD benefit.

4. TPD waiting period and terminal illness benefits

The six–month waiting period for TPD claims may be waived in certain circumstances. The definition for 'Terminal Illness' has also been updated to mean a disease or condition that (in the opinion of two registered doctors) is highly likely to lead to the member's death within a 24–month period.

Further information

For detailed information on the new insurance arrangements, including the updated definitions, please read the Significant Event Notice.

What will these changes mean for you?

All current members with default cover will automatically convert to the changed insurance arrangements effective from 31 March 2016.

Please check back for updates on when details of your new insurance cover will be available in your online account.

Members on unit–based cover will have their Death cover maintained at approximately the same level as their current cover.

Members on fixed or formula–based cover will maintain their current levels of insurance, and their premiums will be adjusted accordingly.

Note that this may mean quite significant premium increases for some members. Members have the option to vary their insurance cover, and thus their premium costs. You are encouraged to call the Media Super Helpline to speak with a financial planner about your personal situation and insurance needs.

We recommend you read the Significant Event Notice for detailed information. A copy of the notice and a letter were also enclosed with your half–yearly statement. A new Insurance Guide will be available from 31 March.

If you have any questions regarding your insurance cover, please call our Helpline on 1800 640 886.