Did you know that, as a member of Qantas Super, you could have insurance that’s built into your super?

This means you can be covered for death (including terminal illness), total and permanent disablement and, depending on your division, income protection.

This cover is typically provided automatically, which means the level of cover you receive is not tailored to your individual needs. Everyone’s needs are different, and these can change over time, so it’s important to regularly review your cover.

Generally, you can receive three types of insurance through your super:

• Income protection: can provide you with a monthly income if you become ill or injured and are temporarily unable to work. For some defined benefit members, this cover is known as disability cover or ‘total but temporary disablement’. This cover will end after you leave employment at the Qantas Group.
• Total and permanent disablement (TPD) cover: can provide you with a lump sum payout to help out if you become totally and permanently disabled and can no longer work.
• Death cover: can provide your dependants with a lump sum payout if you pass away. This is also known as life insurance. If you are diagnosed with a terminal condition, you may be able to receive an advance payment of your death benefit as a terminal illness benefit.

This is known as Basic Cover (or Standard Cover, if you’re in a division other than Gateway), and is automatically provided to you as a new member if you fit the eligibility criteria.

One of our great benefits is 360Health Virtual Care, a service offered through our insurer, MetLife.

MetLife 360Health offers you and your family¹ access to professional medical services. Awarded Best Overall Health and Wellbeing Program 2023², 360Health services are provided virtually and include mental health support, expert medical opinion, nutrition support, fitness and recovery support, and online access to quick and easy support from mental health clinicians, general practitioners (GP) and paediatricians for general questions. These services are provided at no extra cost and are designed for convenient access to meet you and your family’s¹ health needs.

¹The term ‘family’ consists of your children, partner, parents and parents in-law.
²Plan For Life’s Excellence Award – Best Overall Health and Wellness Program 2023.

It’s important to make sure the amount of cover you have is right for your circumstances. This works both ways: every dollar in your super counts, so you don’t want to be paying for cover you won’t need, but you also don’t want to be caught out with less cover than you require.

But how do you know much cover you need? Everyone’s different, and speaking to a Super Adviser can help you better understand your needs, but here are a few general things to consider:

• How much cover do you already have?
• Are you married and/or do you have any children? If yes, are they earning an income?
• In the circumstance of death or disability:
  • Do you have any debts (e.g. credit card, car loan, mortgage) that you would like to have paid off?
  • Do you have sufficient assets (e.g. cash, super, property, shares, other investments) to cover ongoing expenses?

For eligible members of our Gateway Division, the insurance cover that you may automatically receive as an is age-based and linked to your salary. This means the level of cover you receive is calculated according to several factors, with one of these being your salary for insurance purposes as reported to us by your Qantas Group employer. This salary is then multiplied, with the multiple of salary used determined by your age:

As the table shows, the multiple of salary is highest through a member’s 30s and 40s, as this is typically when people have the greatest need for a higher level of cover, due to financial and family circumstances such as mortgages and school-age children.

Of course, not everyone is typical, so it’s important to think about your personal circumstances and whether the amount provided in accordance with the scale suits your needs.

Jessica is 32 years old, with a salary for insurance purposes of $100,000. This means the multiple of salary used to calculate her cover for Death is 2, and 2.5 for TPD. This gives her $200,000 of Death cover and $250,000 of cover for TPD.

While everyone’s needs are different, there are a few basic ideas we can use to begin thinking about the level of cover someone may need.

Think of contents insurance – the average person will typically want it to cover the cost of replacing everything in their home should something happen, from furniture to electronics and other valuables.

Similarly, if you were to pass away, what would your loved ones need to help ensure they were taken care of? For example, would your family be able to keep paying the mortgage, school fees and other key expenses? If you were totally and permanently disabled and not able to work again, how much would you need to help keep paying your expenses, as well as your care?

A Super Adviser can help you understand the different types of insurance cover and how they work. You can book a one-on-one appointment with a Super Adviser on our website.

Insurance needs can change over time, so it’s important to regularly review your cover. A convenient time to do this could be when you receive your annual statement, because the key details will be easy for you to find – your 30 June 2024 statement will be on its way to you in a few weeks! Of course, you can also review your cover at any time by logging into your account online.

Another good trigger to review your cover is when you have a big life moment. For example:

• marriage or divorce;
• birth or adoption of a child;
• getting a home loan;
• death of your spouse;
• completion of your first undergraduate degree at an Australian University;
• you become a carer for the first time; or
• your child starts secondary school

These are from a list of events covered by our insurer, MetLife, as ‘life events cover’.  If a listed “life event” occurs, you can apply to receive extra cover without going through underwriting. You can apply for cover in $10,000 increments, up to $50,000 for each life event. However, you can also use this list to help you think of certain circumstances in your own life that may mean your need for cover has changed.

On the opposite end of the spectrum, that list of events could also be a helpful tool to help you consider whether you may be able to reduce your cover. For example, if you’ve finished paying off your mortgage, or your children have finished school and flown the nest, you may not need as much cover as you once did.

If you need to make changes to your cover, you can find the relevant form on our website.

• If you need extra cover, you can apply to increase your Standard or Basic Cover, or apply for Voluntary Cover.
• You can also reduce or cancel your cover

A Super Adviser can help you understand insurance and answer any questions you may have. You can book a one-on-one appointment with a Super Adviser at a time and place that suits you.