Media Super Insurance Strategy

Insurance update

Media Super acknowledges that some of our members and claimants are experiencing unacceptably long delays in the processing of insurance claims and certain claims communications from us.

We are deeply sorry for the stress and anxiety experienced by our members, claimants and their loved ones by these delays. This is not the experience we want for our members, claimants and their loved ones at an already difficult time in their lives. If you have questions about your claim, please call our specialist insurance team on 1300 722 152 between 9am-5pm (AEDT) Monday to Friday.

We are committed to fixing these issues and working through the unresolved claims. We are also working with our administration partners to assign extra resources, improve claims processing and build better, more resilient systems for the future.

We thank our members and their loved ones for their patience and apologise again for any inconvenience we may have caused.

Media Super Insurance Strategy

It is important that the insurance approach adopted for the Media Super Division is not “one size fits all” and that insurance provides nominated categories of members with an easy to understand and accessible benefit through automatic default levels of cover. Members have the ability to apply for higher levels of cover at a reasonable cost that is appropriate to the individual’s circumstances, needs and employment profile. Members can also reduce or cancel their insurance cover if they have cover elsewhere or they do not require it.

As the Media Super Division covers a diverse range of members and occupations, maintaining competitive levels of insurance cover and limiting cost increases remains one of the most challenging aspects of the Media Super product offering.

The Media Super insurance offering is shaped by the following key strategies:

  • Cost Effective: We are aware that the provision of insurance cover needs to be considered in the context of the Fund’s long-term strategy, which is to maximise member’s retirement outcomes. Cover must therefore be affordable and represent value for money, providing meaningful benefit levels commensurate with members’ financial circumstances, needs at different life stages as well as occupations.
  • Knowing the risk: We aim to provide insurance cover that takes into consideration the profile of the Print, Media, Entertainment and Arts industries, ensuring members are provided with an adequate level of insurance cover which is relevant to their occupational profile and age.
  • Sustainability: We are committed to securing the Fund’s future state insurance offering. We will review its insurance product and its terms and conditions regularly to ensure that the offering is sustainable moving forward and meaningful to our members. If we decide to change any of the insurance benefits offered (including the definition of the benefits), we will provide members with details of the changes and any options available to change or cancel the new cover.
  • Accessibility on reasonable terms: We know that approximately 65% of the membership has automatic cover and therefore seek to protect and preserve the automatic cover for Industry members and its straightforward eligibility requirements. Media Super Industry members, Media Super Corporate Super members and Media Super Sole Trader members who are over age 25 or who have an account balance under $6,000 can elect to opt in for automatic insurance cover upon joining Media Super. Media Super Personal members can apply to be underwritten for insurance cover. We also offer eligible members access to higher levels of cover appropriate to individual circumstances and needs.