New MTAA Super members are automatically provided with default cover (subject to terms and conditions eg Limited Cover applies in some circumstances). The level of cover provided to you is based on your age when you become a member and may change in line with your age. Some new members will not be eligible for default cover (eg if you have already received a TPD benefit or are currently claiming a TPD benefit).
The table below sets out the cost and the number of units of cover that are generally provided for your age when you join:
|COVER WHEN YOU JOIN MTAA SUPER|
|Your age next birthday when you join MTAA Super||Death Units – General Scale||TPD Units – General Scale||Cost of Cover ($0.50 per unit)|
|16-21||1||5||$3.00 per week|
|22-26||3||5||$4.00 per week|
|27-70||6||6||$6.00 per week|
Cover changes as you stay with MTAA Super
Insurance can’t be ‘one size fits all’ and your needs change from when you are just entering the workforce to when you take out a mortgage and have children. This is why we have introduced aged based default insurance scales. This means:
- If you turn 21 while you are a member and you haven’t changed your Death & TPD cover, your default level of death cover will increase to three units.
- If you turn 26 while you are a member and you haven’t changed your Death & TPD cover, your default level of Death and TPD cover will increase to 6 units.
Calculate your default level of cover
- View the unitised scales table
- Look at the row corresponding to your age next birthday.
- Determine the work scale column that applies to you
- The amount in that cell is the level of cover per unit.
- Multiply the amount of cover in that box by the number of units you are eligible for.
Max is aged 29 next birthday. He works in an office environment and is eligible to apply for the non-manual work scale.
As a member of MTAA Super, he will receive 6 units of death and 6 units of TPD cover: $67,750 X 6 = $406,500.
His default level of cover is $406,500 of Death and TPD insurance at a cost of $6.00 per week.