Are you covered?
Insurance is about protecting yourself and your family from a financial loss from which you wouldn’t otherwise be able to recover.
Many Australians, however, don’t have enough insurance and unfortunately don’t realise this until it’s too late.
- 50% of Industry Super Fund members are under insured by $100,000 for life insurance
- 37% of Industry Super Fund members believe life insurance is a low priority given other financial commitments
- 74% of Industry Super Fund members are under insured by $100,000 for TPD
- 83% of Australians have insurance for their car, but only 31% have income protection*
Insurance is a personal matter, but do you have enough, and did you know that you can get insurance through your super?
Depending on your ESSSuper fund you may find you’re automatically allocated a default level of cover that’s designed to provide you with financial support in the event of your death or total and permanent disablement. Exactly how much cover you receive and the specific eligibility rules do vary depending on which fund you’re with.
Defined benefit fund members
If you are a defined benefit fund member, you will generally get a set amount of Death and Disablement benefit. Your benefits are based on your salary, contribution rate, years of future membership and the type of work you do, and the amount of benefit you have depends on the particular defined benefit fund you have. If you’re not sure which fund you’re with, you can check here. To review the level of death and disablement benefit you have, log in to Members Online and follow the prompts. You’ll also find your fund type and benefits listed on your Annual Benefit Statement.
ESSSuper has an Accumulation Plan that is available to members wanting to obtain additional Death and Disablement cover subject to the terms and conditions in the PDS and Insurance guide. If you don’t have an Accumulation Plan, you can open one at any time. Before making any decisions about ESSSuper products or services, you should read the applicable PDS. You can access all of our publications here.
Accumulation Plan members
Accumulation Plan members automatically receive a default amount of Death and TPD insurance1 if they meet all of the eligibility requirements of the Plan. Again you can check out how much cover you have in Members Online. And an advantage of taking out insurance through an Accumulation Plan is that it gives you greater freedom to choose the type and amount of cover you want.
How will changing your level of cover affect your premium?
We’ve made it easy for you to find out. Just use our Insurance Premium Calculator to find out how adding or changing your cover will affect your premiums.