Media Super has hired ING Life as its group insurer following a six month tender process.
Under the insurance deal, ING Life will provide the fund members with death and total and permanent disability (TPD) insurance cover and income protection.
The decision to appoint one group insurer follows the finalisation of the merger of JUST Super and Print Super in July 2008 to create Media Super.
Print Super had hired Hannover for death and TPD cover and IUS for income protection. ING provided JUST Super with both types of insurance.
"Existing insurers for both JUST Super and Print Super were asked to tender, along with other major players in the insurance sector," Media Super chair Gerard Noonan said.
All members will be provided with uniform and higher death and TPD cover at lower cost. All members with existing income protection cover will have their insurance premiums reduced significantly, according to Media Super chief executive Ross Martin.
Members who do not have income protection can now obtain cover without evidence of health.
The arrangements come into affect in November 2009.
