Choosing an insurance option

We all know that life doesn't always go to plan.

That’s where insurance comes in. It’s here as a financial safety net for you and your loved ones, giving you peace-of-mind that you and your family will be looked after.

Choosing an insurance option

Why have insurance through super?

Many people are surprised when they hear they have insurance through their super. When compulsory super was introduced in the 1990s, it was designed to include a default level of insurance cover to help protect working Australians and their families.

In fact, for many Australians the insurance through their super is the only insurance cover they have for death, disablement and income protection. So it's important to understand the options available and if you have the right level of cover.

You can buy insurance directly, through a retail policy, or hold it through your super account. Some of the benefits of having insurance through your Media Super account include:

  • Competitive rates
    Group buying power means we can provide members cost-effective, valuable cover.
  • Insurance tailored to your industry
    We not only cover freelancers and self-employed members, but provide insurance cover for many occupations other super funds won't – including performers – and when your work takes you overseas.
  • One less expense to cash flow
    Monthly premiums come out of your super account, instead of your take home pay, meaning you have one less expense to cash flow from your take home pay.

Insurance cover available through Media Super

Media Super offers three types of insurance cover for our members being Income Protection (IP), Death and Total & Permanent Disablement (TPD) and Death Only.

Most new members receive a default level of automatic insurance on their account for both Death and TPD and Income Protection. The amount you have depends on your membership type and your age or any changes you make. To check how much you have, check your last statement, log in to your account online or call the Helpline on 1800 640 886.

Please note, if you’re under 25 or have less than $6,000 in your account, you won’t get automatic insurance right away. For more information about when you can get automatic insurance in the future or how to apply for cover now, please read the Insurance Guide.

You can change or cancel your insurance at any time through our secure member portal or by sending us the relevant completed form.

Income Protection (IP)

Income Protection cover pays a percentage of your wages if you can’t work for an extended period of time because of an illness, accident or other injury.

The benefit is paid directly to your bank account as a monthly, ongoing payment.

You can make changes to your insurance including your choice of:

  • Waiting period: this is the time that passes from your injury before any insurance benefits is paid. Choose from 30, 60 or 90 days waits. A longer waiting period can help reduce your premiums.
  • Benefit period: this how long your insurance benefits are paid to you. Choose from2 years, 5 years or to age 65.

It’s important to know IP doesn’t cover redundancies or being unable to find work for non-medical reasons.

Please read the Insurance Guide for full details of Income Protection cover.

Death and Total & Permanent Disablement (TPD)

Death and TPD insurance provides cover if you’re terminally ill or totally and permanently disabled, or if you pass away.

TPD cover
helps pay for medical costs or adjustments to your home and is usually paid as a one-off, lump sum payment. You may request to keep your benefit in your super account or to receive it as a Media Super pension.

Death cover
helps your loved ones cover ongoing living expenses. We add the balance of your super account and your Death Cover amount and pay it to your beneficiaries or your estate as a one-off, lump sum payment. Your beneficiary may request the benefit to be paid as a Media Super pension, providing them with a regular income.

To make sure the payment goes where you want, please take a few minutes now to nominate your beneficiaries.

Please read the Insurance Guide for full details of Death and TPD cover.

Death only

Death only insurance provides cover if you die or are terminally ill.

If you die, we add the balance of your super account and your Death Cover amount and pay it to your beneficiaries or your estate.

This is paid as a one-off, lump sum payment, to the dependants you choose or your estate.

To make sure the payment goes where you want, please take a few minutes now to nominate your beneficiaries.

Please read the Insurance Guide for full details of Death only cover.

Extra insurance features

Both IP and Death & TPD cover come with a range of cover features including:

  • accident cover while your insurance application is being assessed
  • cover while you're working overseas
  • continuation of cover when you're changing jobs
  • continuation of previous IP claims for recurring disabilities.

Full details of these features (and conditions that apply) are available in the Insurance Guide.

Insurance tailored for your industry

Media Super members have unique jobs and work in industries that can present special insurance needs.

We provide cover for many occupations across the media, arts and entertainment industries that other funds won't cover.

And we understand that your work can take you to some unique places. No matter if your work takes you overseas for a production, to a war zone, or flying in a private aircraft like a helicopter, we’ve got you covered.

Being self-employed or freelance already comes with a range of challenges; but with Media Super, being worried about insurance isn't one of them. Unlike many other funds, Media Super insurance covers self employed and freelance members.

For full details of insurance cover available, including exclusions and conditions, please read the Insurance Guide.

We're here to help

We understand insurance can be complicated and want to make sure we help our members find the right type and level of cover.

Work your way through our guide on how much cover you might need and read the Insurance Guide for full details of cover available, including premiums and conditions.

If you have any questions, or would like some help adjusting your insurance cover to suit your needs, give our team a call on 1800 640 886.