Changes to insurance

MLC Limited (MLC Life Insurance) became TelstraSuper’s new insurer on 1 July 2020.

Changes at a glance

Members will continue to enjoy great insurance cover through MLC Life Insurance, but with added enhancements.

Most members are now covered by our new insurer, MLC Life Insurance and  have access to a range of innovative programs and services to support health and wellbeing, including MLC Life Insurance’s Best Doctors service and Mental Health Navigator. Members who are on claim can obtain support through additional programs such as the Pre-Claim Early Engagement service and CancerAid Coach Program.

Accumulation and RetireAccess members will soon have the option of conveniently managing cover and claims online through a dedicated insurance portal. Check back here for details on the launch date.

New premium rates apply from 1 July 2020, and these rates are unlikely to change for at least three years:

  • Death and Total & Permanent Disablement cover premium rates will decrease by 8%
  • Income Protection cover premium rates will increase by 16.6%.

About MLC Life Insurance

MLC Life Insurance is Australia’s third largest life insurer. It’s been protecting Australians for more than 130 years through a range of award-winning products and services.

MLC Life Insurance was founded originally as a mutual association in Australia and is now majority owned by one of the world’s largest life insurers - Nippon Life Insurance Group.

Its Melbourne based claims team includes allied health professionals, such as psychologists and rehabilitation counsellors, as well as doctors, nurses, and a dedicated mental health team.

The Corporate Plus, Personal Plus and RetireAccess Insurance Information Sheets below state that members will have the option of managing cover and claims online through a dedicated insurance portal from 1 July. Due to unforeseen delays, this has been postponed and is now expected to be available within a few weeks of 1 July.

How to calculate premiums

Check the relevant Insurance Guide or PDS to help you calculate the premiums for cover you currently have or that you wish to apply for. 

TelstraSuper Corporate Plus

TelstraSuper RetireAccess

TelstraSuper Personal Plus

 TelstraSuper Defined Benefit


Want to find out more?

Read on for Frequently Asked Questions with the answers to most of your queries.

See telstrasuper.com.au/insurance for more information about:

  • the benefits of insurance
  • types of cover available
  • how to determine your individual needs

See telstrasuper.com.au/information-hub/faqs for answers to more questions you may have about insurance.

You can register for our webinars about the changes and the importance of insurance at telstrasuper.com.au/events

If you have any questions about your insurance, or any other aspect of your TelstraSuper account, call us on 1300 033 166 between 8.30am and 5.30pm (Melbourne time), Monday to Friday.

FAQs

  • Why is TelstraSuper changing insurers?

    Every three years we review the insurance we offer to try and make sure our members get the best possible arrangement. We conducted a rigorous assessment, review and tender process, and considered several insurers.

    We looked at the products each insurer offered, their digital capability, and online features for members. We considered each organisation’s pricing, and their risk and compliance policies. Attention was paid to their underwriting and claims philosophy and, in particular, the services TelstraSuper members could expect to receive.

    MLC Life Insurance was chosen because they committed to provide our members with great cover at the most competitive price, together with innovative programs and services to support members’ health and wellbeing.

  • Why are premium rates changing?

    Changes to insurance premiums have been happening across the superannuation industry over the last 12 months due to the introduction of recent legislation aimed at protecting members’ retirement savings.

    As a profit-for-member fund, TelstraSuper doesn’t benefit from insurance premiums – the premiums reflect the cost of providing members with insurance cover.

  • Would my premiums have changed if TelstraSuper didn’t change insurers?

    Yes, your premiums would have changed on 1 July 2020 regardless of whether we had changed insurer due to:

    • Recent changes to legislation — changes to insurance premiums have been happening across the superannuation industry over the last 12 months due to the introduction of recent legislation aimed at protecting members’ retirement savings. MLC Life Insurance’s competitive pricing was one of the important factors that made them our preferred choice of insurer.
    • Change of age as at 1 July — As you get older, your premiums may increase or decrease.  Each 1 July, your premium may change depending on your age at your next birthday.
    • Other factors — such as your salary and any additional cover that’s been approved and applied to your account. The salaries of most TelstraSuper Corporate Plus members are provided to us by their employers on 1 July each year (Foxtel and TelstraSuper employee salaries are provided to us on 1 October each year).
  • How much will my insurance premiums change?

    The change to your individual premiums will depend on a range of factors including your age, gender, salary and the type of cover you have.

    To calculate your new insurance premiums, you can refer to your relevant PDS or Insurance Guide  or use the Premium calculator. When calculating your new premiums, please remember that your age for insurance purposes automatically changes every 1 July.  Your age to calculate your premiums is your age next birthday at 1 July 2020.  Please note that the premiums you calculate may not take into account all relevant factors such as your gender, salary and occupational loading as well as any changes you make to your insurance cover.

  • Will my employer continue to pay for the insurance they currently pay for?
    Yes, this will continue subject to the occurrence of certain changes in your circumstances (e.g. change in employment status).
  • Will there be any more premium rate changes?
    The new premium rates are unlikely to change for at least three years (from 1 July 2020), protecting you from increases during that period except in very limited circumstances.  These circumstances include such events as war, legislative or regulatory changes, or significant changes to the TelstraSuper membership as defined by our policy. For more information on other circumstances which could apply please refer to our policy.
  • How can I see my new premiums?

    You’ll be able to  see your new insurance premiums in your TelstraSuper online account from late July 2020. It’s easy to register, find out more. They’ll also be in your September 2020 statement.

  • What are the added insurance enhancements?

    The enhancements from 1 July 2020 include:

    Terminal illness

    Members who are suffering from a terminal illness which is likely to cause their death within 24 months, will now be able to claim a terminal illness benefit (which is an advance on their death benefit). Previously this was only available to members with a 12-month life expectancy. Note: defined benefits members cannot claim a terminal illness benefit.

    Eligible members who seek to increase cover due to a Life Event

    • Eligible members who seek to increase cover due to a life event change (e.g. birth of a child, marriage, divorce) no longer need to submit health evidence in the form of answering eligibility questions (these are the risk control questions).
    • Members must declare they are in active employment at the time of their application, otherwise limited cover will apply to any cover they are granted. Other conditions apply. Refer to your relevant Insurance Guide.

    Favourable changes to the definition of Total and Permanent Disablement (TPD), including

    • Removal of requirement for employment termination in TPD definition
    • Unable to Work definition to include any member who has worked at least 15 hours per week at any point in the 6 months prior to their date of assessed disablement
    • For members who have not been working for at least 6 months, a severe mental disorder definition has been included as part of the TPD definition, subject to a 19% or more Psychiatric Impairment Rating scale.

    A severe mental disorder is one that:

    • has been diagnosed by a psychiatrist under the latest edition of the Diagnostic and Statistical Manual of Mental Disorders (DSM) issued by the American Psychiatric Association; and
    • has been assessed by a psychiatrist appointed by MLC Life Insurance as having an impairment of 19% or more on the Psychiatric Impairment Rating Scale.

    Income Protection eligibility

    Removal of minimum 15 hours per week work requirement to be eligible for Income Protection cover. Income Protection cover remains unavailable to members in casual employment.

    Income Protection recurring disability

    Allows for a new benefit period to commence if member has gone back to the same work for 6 months or more after an accident or sickness for which a claim has been previously made.

    Continuing Income Protection – Personal Plus

    • Members can currently apply to continue their income protection cover in their Personal Plus account when they leave their Telstra Group employer.
    • While this offer continues to remain open for 120 days from the date of ceasing employment with their Telstra Group employer, the requirement for their new employer to pay a superannuation guarantee (SG) contribution into their Personal Plus account has been extended to 180 days of ceasing employment.

    Cooling off periods and reinstatement

    • 30 days for default cover – members will generally be able to opt out within 30 days of receiving default cover, without being charged a premium.
    • 60 days for reinstatement for insurance cover lost due to inactivity – members who have lost cover due to inactivity on their super fund account will be able to submit a request for reinstatement of this cover within 60 days of it being cancelled, provided they make a payment, if required, to their account that is sufficient to pay the applicable premium.

    How these might be relevant to you will depend on the types of cover you have or the types of cover you’re eligible to apply for.

  • What are the new health and wellbeing programs and services?

    Best Doctors service

    The Best Doctors service is a new service for TelstraSuper members.

    It gives you and your immediate family members access to medical advice and second opinions from a global network of more than 50,000 medical specialists, helping you to get the right diagnosis and an appropriate treatment plan.

    Best Doctors is unique in Australia and completely confidential — no information is shared with TelstraSuper or MLC Life Insurance.

    Read more about Best Doctors, how it works, and how you can benefit from the service here.

    Mental Health Navigator

    Mental Health Navigator is an important part of Best Doctors.

    It’s a service which offers access to leading clinical psychologists and psychiatrists to help give you confidence in the diagnosis and treatment plans for mental health conditions.

    Read more about Mental Health Navigator, how it works, and how you can benefit from the service here.

    Pre-Claim Early Engagement service

    MLC Life Insurance has an advanced claims framework that supports members’ recovery, return to work and wellness.

    A key feature of this claims framework is the Pre-Claim Early Engagement Service – MLC Enhance.

    The service works with sick or injured members during waiting periods, rather than waiting until they’re receiving income protection benefits, to support either an early return to work or a smooth transition to a claim.

    This service is available for new income protection claims with a date of disablement from 1 July 2020. 

    CancerAid Coach Program

    MLC Life Insurance has partnered with CancerAid to support the wellbeing of TelstraSuper members ‘on claim’ with a cancer diagnosis through its CancerAid Coach Program.

    Running in conjunction with the CancerAid app, the 6-week coaching program has been designed to empower members living with cancer. The CancerAid Coach Program includes:

    • weekly evidence-based educational modules
    • self-management tools and techniques
    • a personal coach who regularly checks in to provide help and wellbeing support
    • motivation to keep cancer patients active and engaged in their own care.

    This service is available for new income protection claims with a date of disablement from 1 July 2020. 

  • What is the new dedicated insurance portal?

    Accumulation and RetireAccess members will soon have access to a new dedicated online insurance portal which they’ll be able to access through their TelstraSuper online account.

    Members were advised they would be able to access the portal from 1 July. However, due to unforeseen delays, this won’t be available until later. Check back here for details on the launch date.

    Through this portal you’ll be able to:

    • apply for insurance cover
    • apply to vary or cancel your insurance cover
    • track the progress of your insurance applications
    • submit claims online 
    • track the progress of your claims

    New calculators are available on our website and will be in the dedicated insurance portal soon:

    • Needs calculator — can help you understand how much cover you might need based on the information you enter about your personal circumstances
    • Premium calculator — can provide you with an estimate of how much the premium cost will be for a nominated amount of cover for your membership type.
  • What happens if I’ve already applied for cover or want to vary my cover?

    If you’ve applied for cover, we may have tried to call you to seek your consent to transfer this application to MLC Life Insurance from 1 July.  If we couldn’t reach you by phone, we have emailed you with a request to complete the applicable consent form. If you’ve returned the applicable consent form as a result of this call or email, your application will be transferred to MLC Life Insurance and they will be in contact with you to progress your application from 1 July 2020. 

    If you wish to make a new request to apply for insurance, please download the relevant form from our website, complete this form and return it to underwriting@telstrasuper.com.au and we will submit this to MLC Life Insurance for assessment. 

     
  • What if I’ve made a claim and I’m waiting for it to be assessed?
    If we've received a claim with a confirmed date of disablement or death prior to 1 July 2020, TAL will continue to be responsible for assessing and paying the claim if it's approved. While your claim is being assessed, the insurance cover for this claim will remain with TAL.
  • What if I need to make a claim now or in the future?

    If you need to make a claim for an accident or sickness that occurred before 1 July 2020, please call us first on 1300 033 166. We'll be able to explain the process to you and send you the right claim forms to use.

    To make a claim for an accident or sickness that occurs from 1 July 2020, you'll have the option of submitting your claim online or, if you prefer, we can send you a claim form.

  • What if I want to cancel or reduce my level of cover?

    You can cancel or reduce your insurance cover, by

    You can also cancel your cover through your TelstraSuper online account.

  • I'm leaving the Telstra Group so what will happen to my insurance?

    You can keep your super with TelstraSuper by transferring to the Personal Plus division.

    From 1 July, if you transfer into TelstraSuper’s Personal Plus division from another division, you will receive insurance cover equal to the base cover you held previously (this excludes any voluntary cover). You will need to pay for this insurance cover yourself and it will be based on a unitised rate. Your cover will decrease as you get older. 

    If you had voluntary cover in your account this will be transferred across as member paid voluntary cover, is a fixed amount and will be subject to Personal Plus voluntary cover (top up) rates.

    If you’re aged under 25 or your account has a balance of less than $6,000 when you transfer, you’ll need to ‘opt-in’ to retain all of your cover.

    You will be able to reduce and/or cancel your cover at any time.