Qantas Super has entered into an agreement with MLC Group Insurance to provide life and total and permanent disability (TPD) insurance to its members.
Members have four new ways to boost their levels of personal insurance.
They can apply online for $750,000 of death and TPD cover without having to answer any medical questions; they can apply for an extra $50,000 after a significant 'life event'; they can transfer up to $1.5 million in death and TPD cover from another fund to Qantas Super; and they can apply for $10 million death and $3 million TPD in cover that is medically underwritten by MLC.
MLC Group Insurance general manager Megan Beer said the new arrangements allowed members to add to the relatively minimal amount of cover offered by superannuation funds – often without having to undergo a medical test or endure a complicated underwriting process.
"We have made it as easy as possible to apply for the new cover by emailing or mailing 30,000 Qantas employees directly with details of their current level of cover, the additional cover now available with MLC and the ability to easily apply for this new cover online," Beer said.
Qantas Super chief executive Anne Ward said members could now improve their insurance arrangements with easy access to high levels of cover and competitive premiums.
