November 29 2023
We help members achieve a comfortable retirement, but also provide comfort that your loved ones will have financial security in the event of your injury, illness or death.
How much will it cost for the cover you need?
This calculator can be used to calculate the cost to obtain a certain level of insurance cover
Do I already have cover?
If you are a member of ESSSuper, then you may already have cover. But the level of cover will differ depending on which fund you are a member of.
|Defined benefit funds
||Yes. Death and Disablement
||Purchase additional cover, including Income Protection, through the Accumulation Plan
||Yes. Basic levels of Death and TPD
||Increase level of cover or apply for Death Only, Death and TPD or Income Protection cover
Defined benefit fund members
Death and Disablement cover are provided in ESSSuper's defined benefit funds1. Defined benefit fund members may also be able to apply for additional cover through our Accumulation Plan. Not sure if you are a defined benefit member? Find out here.
Accumulation Plan members
If you are a member of our Accumulation Plan you may be eligible to receive a default level of cover, with the freedom to apply for additional cover if you need to. You can even choose to drop your cover with us altogether if you like.
The Accumulation Plan offers Death Only, Death and Total and Permanent Disablement (TPD), and Income Protection cover.
Which type of cover do I need?
That all depends on your objectives. Descriptions of the different types of cover are below. If you would like to know more about your fund's cover, check out the PDS or handbook applicable to your fund.
A benefit is payable to your beneficiaries in the event of your death. This may also be paid out prior to your death if you are diagnosed with a terminal illness. Find out more about beneficiaries here.
Total and Permanent Disablement
This payment is made if you have become totally and permanently disabled. To find out more about disability benefits or how the benefit is calculated for your fund, take a look at the Claiming a disability benefit handbook (for defined benefit fund members) or the PDS or handbook applicable to your fund.
This payment may be made in some cases where it appears likely that a substantial recovery will occur. To find out more about disability benefits or how the benefit is calculated for your fund, take a look at the Claiming a disability benefit handbook (for defined benefit fund members) or the PDS or handbook applicable to your fund.
This type of cover will pay you up to 85% of your pre-disablement income if you become totally disabled, and partial benefits if you are no longer totally disabled, but are still partially disabled. Income Protection insurance is only available through the Accumulation Plan.
Find out more in our Income Protection insurance (FS008) fact sheet, available on our Publications web page.
How much do I need?
This is a very personal question. The answer will depend on your current and future needs, and those of your loved ones. Requirements can vary greatly depending on lifestyle and income. You can use our insurance calculators to give you a basic idea, and if you'd like some further information or an appointment with a financial adviser, please contact us and we can help you out.
When am I covered?
Through our insurance offerings, you are covered 24 hours a day, 7 days a week. You don't even have to be at work for your insurance to apply. However, there are certain conditions you need to meet to keep your insurance active. You can find out more about these requirements by referring to the PDS or handbook applicable to your fund.
Will my premium change?
For Death Only cover, you will have a fixed insured amount (which means your premium will change annually but you'll always be covered for the amount you have nominated).
For Death and TPD cover, you can choose between a fixed insured amount or you can buy unitised cover (which means you can have full control of what you spend on your premiums, but your cover will generally reduce annually).
Your Income Protection is purchased in units, so the premium will change annually.
We will keep you informed of changes to your insurance, and your cover is noted in your annual statement. You can also look it up any time through Members Online.
How can I take out extra cover or make changes to my cover?
Accumulation Plan members
To apply for, change, or cancel your insurance cover in the Accumulation Plan, use your personalised Vary your insurance cover form, available through Members Online.
Alternatively, if you have recently undergone a major life event (such as the birth of a child, or taking out your first mortgage), you may be eligible for a Life events option, which may make it even easier for you to make sure you are adequately covered. You'll find more information in our (AP.2) Insurance guide, which is available on our PDS and handbooks page.
Defined benefit fund members
Defined benefit fund members may be able to apply for additional cover through our Accumulation Plan. The Accumulation Plan offers Death Only, Death and Total and Permanent Disablement (TPD), and Income Protection cover.
Insurance is a complicated subject. You can find out more detail about your insurance options by reading the PDS or handbook applicable to your fund. It will give you information about eligibility, conditions and exclusions; as well as cost and benefit calculations. If you need more clarity on anything, contact us. We can give you some information over the phone, or if it's advice and guidance you need, we can set up a meeting with an ESSSuper Financial Adviser* for you.
Need to make a TPD or Income Protection claim?
Read our fact sheets to learn more before claiming a TPD or Income Protection benefit