What makes Maritime Super’s insurance different?
These days everyone is selling insurance, from your bank to your supermarket. So you’re probably wondering, what makes Maritime Super’s insurance so special?
It’s created especially for you
As your industry fund, only we understand you and your job. Our insurance is specially tailored to provide great value and cover to people who work in the maritime industry. How? It takes into account the key roles and risks within the industry and offers relevant cover options. It offers automatic acceptance for basic levels of insurance cover based on your membership category.
It’s more affordable
Because we’re buying insurance on behalf of all our members, we’ve negotiated competitive prices with our insurer not necessarily available to you privately. And, these are typically lower insurance premium costs compared to individual insurance policies for maritime workers with similar benefits.
You have no out-of-pocket expenses
Your premiums are paid directly out of your Maritime Super account, not your weekly budget. And in some membership categories, your employer covers the cost.
It’s very flexible
You can change your level of insurance at any time, when your personal circumstances change or you get a pay rise, for example. Your insurance can change with you, based on your cover needs.
Our commitment to you
We're committed to offering appropriate and affordable insurance cover designed specifically for our members and to provide you with all the information you need to make an informed decision about your insurance needs. We aim to deliver a high level of service that continuously meets or exceeds industry best practice. Maritime Super has adopted the industry insurance code of practice, except where it would be detrimental to members' best interests to do so.
Insurance in superannuation
Maritime Super supports the Insurance in Superannuation Voluntary Code of Practice (the Code). The Code is a set of standards developed by the superannuation industry with the aim of streamlining the insurance process for super fund members and to improve the overall claims experience. Maritime Super has adopted the Code, commencing 1 July 2019. All insurance products we offer are covered by the Code.
Maritime Super currently complies with most of the Code's standards. We are working towards transitioning to the remaining standards of the Code where it is in the best interest of our members to do so. Under a transition plan, we expect that the majority of key items of the Code to be implemented by 30 June 2020, with complete transition by 30 June 2021.
You can find a copy of the Code here.
Benefit design and premium standards
We have recently completed a review of our insurance arrangements, benefit design and premium costs and assessed these as appropriate and affordable for our membership. Where the Code has premium caps on default Death, TPD and Income Protection cover, we note that due to the high-risk occupations of our members, total premiums may exceed the cap for some of our members.
We will be working closely with the insurer to ensure the claims process is as straightforward as possible. We will endeavour to meet the Code's timeframes for communicating with members making a claim and the timeframes for decision-making, except where the timeframes are unnecessarily restrictive and prevent a comprehensive investigation of the claim or are detrimental to the member.
We provide a variety of documents to inform members and help them make decisions about their insurance. In future, we will produce a key fact sheet as well as reviewing all member communications to ensure they are easy to read and use plain language.
We will publish an annual report on our compliance with the Code and our progress against our transition plan.