Is your house insured? Car insured? What about you and your income? Have you considered how your financial security, and that of your family, would be affected if you were unable to work because of illness, injury or suffered an untimely death?
Not being covered, or not adequately covered, can increase the financial and emotional stress on you and your family at a time when you are dealing with a serious medical situation. Insurance cover through your super can help with the financial pressure at such a time.
Types of insurance available
You can get 3 types of insurance from Media Super.
Pays a lump sum to you if you are terminally ill, or to your beneficiaries or estate if you die.
Subject to release conditions, Death only cover can also be used to help offset medical costs associated with terminal illness.
Death and Total and Permanent Disablement (TPD)
Pays a lump sum to you if you are terminally ill or totally and permanently disabled, or to your beneficiaries or estate if you die. TPD cover is especially important to assist in meeting the costs of ongoing medical expenses and any modifications to your home or car if you are disabled.
Income Protection cover replaces a percentage of your salary if you are unable to work for an extended period of time due to illness or injury, and you are either totally disabled or partially disabled.
Why insurance from Media Super stacks up
Insurance through Media Super is an easy and cost effective way to protect you and your family – here’s why:
- Group buying power provides discounted value for members against retail insurance offers outside of superannuation
- Premiums are deducted from your super account balance leaving you with no loss of income
- Flexible options are available which can be tailored to suit your needs
- You can change your level of cover at any time
- Personal service
You may have automatic Media Super cover
Many members have an automatic ‘default’ level of minimum insurance cover for Death and TPD and Income Protection. The level of automatic cover you receive depends on your membership type and your age. Your last statement will show what level of cover you have.
If you are entitled to default cover, unless you decline it or cancel it, the cost of the cover will be deducted from your account.
Please note: if you are under the age of 25 and join Media Super on or after 1 July 2018 you will not receive default insurance cover. Refer to the Insurance Guide for information about the commencement of automatic insurance cover at age 25.
Learn more about changing or cancelling your cover at our "What cover do I have?" page.