How premiums are paid
All premiums payable for Death only, Death and TPD and Income Protection cover are deducted directly from your Media Super account, leaving you with no loss of income.
How benefits are paid
In the event that your insurance cover becomes payable due to illness, injury, disability or death, how you or your beneficiaries receive your benefit will depend on the type of cover you have.
Death cover is usually paid to your beneficiary as a lump sum along with the balance of your super account. Your beneficiary may request the Fund pay it as a Media Super pension, which will provide an income for your beneficiary over the lifetime of your account.
TPD cover is usually paid to you as a lump sum unless you request it to be kept in the Fund and/or paid as a Media Super pension.
Income Protection is designed to replace a portion of your salary and is paid monthly once your relevant waiting period has expired.