We are making some important changes to the insurance cover available to Gateway members through Qantas Super on 1 July 2022.
Default cover for death and total and permanent disablement (TPD) will be reduced for Employee Members in Gateway
The level of default (also known as Basic) cover for death and TPD an Employee Member automatically receives in Gateway will be reduced on 1 July 2022.
The default cover we provide is calculated as a multiple of your salary for insurance purposes, based on your age at last 1 October. The multiples of salary we use mean Qantas Super typically provides members with a generous level of default cover.
However, with insurers across the board increasing premium rates over the past two years in response to factors such as the economic and health impacts of COVID-19, this generous level of cover means some members may have their super unnecessarily eroded by insurance premiums. As a result, we are reducing the multiples of salary used to calculate death and TPD cover. This means the level of cover will be reduced.
This change aims to ensure we continue to provide members with adequate default cover, while also ensuring that our members’ retirement savings are not unduly eroded by insurance premiums.
We have based these changes on average insurance needs, taking into consideration household debt levels and needs at different ages.
With effect from 1 July 2022, the multiple of salary scale currently used to calculate default cover will change as detailed below:
You can opt-in to receive insurance based on the current multiple of salary scale
The opt in period closed on 30 June 2022. If you have any questions, please give us a call on 1300 362 967.
Changes to insurance premiums
Insurance premiums for all types of default and voluntary cover are changing on 1 July 2022 following a review conducted by our insurer MetLife. In calculating new premium rates for our members, MetLife considered various factors including the impact of COVID-19 on the global aviation industry, and recent increases in TPD claims within super funds.
As part of these changes, premiums for income protection will now be calculated according to your age as at last 1 October, rather than your age within an age band. This is a fairer approach to calculating premiums for this type of cover.
This means the premiums for Basic Cover detailed on page 49 of the Qantas Super Gateway Member Guide Supplement and the premiums for Voluntary Cover detailed on page 17 of the Voluntary Cover Insurance Guide will change.
Change to applying for Voluntary Cover
From 1 July 2022, the approval of any Voluntary Cover for death or TPD will be subject to underwriting (that is, providing medical evidence).
Making the provision of extra cover subject to underwriting will lead to a better experience for members in the event of a claim, by ensuring that a member’s particular circumstances, including any pre-existing conditions and required exclusions and limitations, are already taken into account during the underwriting process.
If you already have Voluntary Cover, or apply for Voluntary Cover before 1 July 2022, this will not be affected.
Removal of extra salary-linked cover for Employee Members in Gateway
From 1 July 2022 you will no longer be able to increase your salary-linked cover for death and TPD by applying for an extra multiple of your salary for insurance purposes.
This extra cover is only available to members within 120 days of commencing employment with the Qantas Group. If you would like to take out this cover, you must do so by 30 June 2022 by:
- Opting in to receive cover as a new member of Qantas Super, and opting in to keep your default death and TPD cover calculated according to the old multiple of salary scale. You can opt into both online; and
- Applying to increase your salary-linked cover by one extra multiple of your salary by filling out the form on our website
We’re replacing a definition of total and permanent disablement (TPD)
We are replacing one of the definitions of TPD on 1 July 2022. The new definition will apply to claims that relate to illnesses or injuries that occur on 1 July 2022 or after and applies to Voluntary Cover and default cover for Gateway and other accumulation division members.
Currently default cover for TPD is payable if you satisfy one of three definitions of TPD as defined on page 55 of the Qantas Super Gateway Member Guide Supplement:
a) Any Occupation
b) Activities of daily living
c) Home duties
These definitions currently apply as follows:
- If you are employed in Regular employment for at least 15 hours per week – you are TPD if you satisfy any of the definitions (a), (b) or (c).
- If you are employed in Regular employment for less than 15 hours per week, unemployed or a member whose Occupation is home duties – you are TPD if you satisfy definition (b) or (c).
We are replacing definition (b), Activities of daily living, with Activities of daily work. This new definition is less restrictive, which will make it easier for affected members to claim on their cover.
In addition, eligibility for the least restrictive definition, (a) Any occupation, will increase as follows:
- If you are employed in Regular employment or have been unemployed for less than 6 months – you are TPD if you satisfy any of the definitions (a), (b) or (c).
- If you have been unemployed for 6 months or more or are a member whose Occupation is home duties – you are TPD if you satisfy definition (b) or (c).
Currently, voluntary cover for TPD is payable if you satisfy at least one of the five definitions of TPD as defined on page 12 of the Qantas Super Voluntary Cover Insurance Guide:
a) Any Occupation (termination of employment)
b) Specific loss
c) Activities of daily living
d) Home duties
e) Any Occupation
The definition of TPD that applies to you depends on your circumstances, including which division you’re in, the date you joined Qantas Super, as well as the number of hours you are working, and whether you are unemployed or occupied in home duties, at your Date of Claim.
From 1 July 2022, the eligibility for the ‘Any Occupation’ definitions will increase as follows:
|If you are employed or have been unemployed for less than 6 months
|If you have been unemployed for 6 months or more or are occupied in home duties
|1, 2, 3, 15
|Parts (a) and (c) apply1
|Parts (a), (c) and (d) apply1
|3A, 5, 6, 7, 10
|Part (e) applies1
|Part (c) applies1
|Parts (c) and (e) apply1, 2
|Parts (c) and (d) apply1
1 If you joined Qantas Super in a division other than Gateway and have continuously held Voluntary Cover since before 1 July 2013, an additional part (b) Specific loss is available to you as described below.
2If you were a member of Division 8 prior to 1 July 2013, have continuously held Voluntary Cover since then, and currently working 15 hours or more a week, part (e) applies to you but is modified by replacing the words ‘Any Occupation’ with ‘your own Occupation and any similar occupation’.
This will replace the table shown on page 11 of the Voluntary Cover Guide. The definition of each part of the TPD definition are provided on page 12. Part (c) Activities of daily living will be replaced with the new definition Activities of daily work.
You can find the new definition here.
We're here to help
It’s important to regularly review your levels of cover. A Super Adviser can help you get started. You can book a one-on-one appointment as part of your membership at no extra cost.