Mental health - How insurance can help

ESSSuper - 27 Jun 2021

If there's one thing the last 18 months have taught all Victorians it's that you never know what's around the corner.

From natural disasters and the unprecedented challenges presented in responding to the COVID-19 pandemic, our members were, and continue to be, on the front line supporting the community. We know your dedication at a time when the situation could change daily can take a toll on the physical and mental wellbeing of you and your loved ones. You can feel at ease knowing that having insurance cover through your super will help support you financially in case of an emergency.

The insurance in your super can help 'lighten the load'

When most people think of making an insurance claim, they think of physical illnesses or injuries, not their mental wellbeing. This could be because they usually equate insurance with protecting material objects, such as a house or car. Or they could think it's not worth claiming due to mental health issues because it will be too hard. But that's not the case.

If you have the cover in place, we'll assess your claim as quickly and easily as possible.

No matter what the cause of your mental health issue may be, if you have to stop work because of it, you can make a claim. If your health situation causes you to permanently cease work, you may be eligible to claim a Total and Permanent Disablement benefit. For shorter periods of ill health, you may be eligible for a Temporary Disablement or Income Protection benefit. There will be eligibility conditions such as a waiting period before you can claim, but you'll be covered anytime, anywhere – not just at work.

What types of cover do we offer?

If you're a Defined Benefit fund member, your scheme will provide eligible members with Death and Total and Permanent Disablement benefits. Check the relevant Product Disclosure Statement (PDS) and/or Handbook related to your scheme for more information. Eligible Defined Benefit fund members also have access to membership in the Accumulation Plan. The Accumulation Plan offers eligible members additional Death and Total and Permanent Disablement insurance and Income Protection cover.^* Just exactly what the cover provides and what it excludes depends on which fund you are a member of. To help you determine the right cover for you, we've written an article which looks at Extra benefits to protect you and your family in more depth.

If you're an Accumulation Plan member you should review the PDS and incorporated (AP.2) Insurance guide for details of the eligibility requirements of insurance cover to meet your circumstances.

How much and what type of insurance cover do you need?

The question of what type of insurance and how much is right for you often depends on the current and future financial needs and obligations of you and your dependants. As the stresses and anxieties of being on the front line have increased over the past year, now may be a good time to think about whether the level of insurance cover provided still suits your individual requirements. That's why we would encourage you to take some time to think about whether your current insurance arrangements meets your needs.^†

Next steps

Insurance can be complicated, but we're here to help. Our Insurance web page is a good place to start, and we have online calculators and articles in the AssistMe section of Members Online.

Our expert Member Education Consultants run webinars, and can also provide you with general advice about your options in a one-on-one virtual appointment, all from the comfort of your own home.

If it's personalised advice and guidance you need, we can set up a meeting with a Financial Adviser for you.^§

Remember: you don't need to have all the answers or do this on your own. Our support is always close at hand.

^* Insurance cover is subject to eligibility criteria and other terms and conditions in the Policy. Please read the Accumulation Plan Product Disclosure Statement, available on our PDS and handbooks web page, for more information.

^† Benefits in ESSSuper's Accumulation Plan, Income Streams and Beneficiary Account products are not guaranteed or underwritten by the Victorian Government or ESSSuper, and ESSSuper does not come under the jurisdiction of the Australian Financial Complaints Authority. ESSSuper comes under the jurisdiction of the Victorian Civil and Administrative Tribunal.

^§ ESSSuper Financial Advisers are authorised representatives of Link Advice Pty Ltd (Link Advice). Link Advice holds a current Australian Financial Services Licence No. 258145 and is responsible for the financial services provided to you. ESSSuper has an arrangement with Link Advice Pty Ltd to provide financial advice to ESSSuper members. ESSSuper pays Link Advice a fee for this service. Neither the Board, nor the Victorian Government, guarantee or endorse any recommendations made by Link Advice, or are responsible for the advice and actions of Link Advice.

Emergency Services Superannuation Board (ABN 28 161 296 741) (ESSB), the Trustee of the Emergency Services Superannuation Scheme (ABN 85 894 637 037) (ESSSuper).

The information contained in this article is of a general nature only. It should not be considered as a substitute for reading ESSSuper's Product Disclosure Statement (PDS) that contains detailed information about ESSSuper products, services and features. Before making a decision about an ESSSuper product, you should consider the appropriateness of the product to your personal objectives, financial situation and needs. It may also be beneficial to seek professional advice from a licensed financial planner or adviser. An ESSSuper PDS is available at esssuper.com.au/pds or by calling 1300 650 161.