Insurance

May 09 2021

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

Learn more

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.

Fund Default cover?1 Additional options1
Defined benefit funds Yes. Death and Disablement Purchase additional cover, including Income Protection, through the Accumulation Plan
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

1. Conditions of eligibility and exemptions may apply to some members. For more information please refer to the PDS or handbook applicable to your fund.

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.

Death

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.

Temporary Disablement

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.

Income Protection

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 about  Income Protection (PDF 61.1KB)

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?

That's easy!

Accumulation Plan members

Accumulation Plan members just use our Vary your insurance cover form (PDF 111.1KB)

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.

PRODUCT UPDATE: Accumulation Plan insurance moves to AIA Australia Limited

On and from 1 April 2021, insurance with ESSSuper Accumulation Plan will be provided by AIA Australia Limited (AIAA). It was previously provided by the Colonial Mutual Life Assurance Society Limited (CMLA).

In September 2017, the Commonwealth Bank of Australia (CBA) announced the sale of the CommInsure life insurance business in Australia, including The Colonial Mutual Life Assurance Society Limited (CMLA), to the AIA Group. In October 2020, CBA subsequently announced that the sale would be implemented by way of a statutory asset transfer of CMLA’s life insurance business to AIAA under Part 9 of the Life Insurance Act 1995 (Cth), including the transfer of all of the life insurance policies issued by CMLA to AIAA – this includes the insurance policies held by ESSSuper which provide cover to members of the ESSSuper Accumulation Plan.

The effective time for the transfer of insurance policies, and therefore the change of insurer from CMLA to AIAA, is 12:01am on 1 April 2021.

Other than the change of insurer from CMLA to AIAA, there are no other changes to the terms and conditions of the insurance policies held through the Accumulation Plan by ESSSuper. There also will not be any change to any claims assessments currently in progress or any existing claim benefits currently being paid.

The Emergency Services Superannuation Board (Board) ABN 28 161 296 741, the trustee of the Emergency Services Superannuation Scheme ABN 85 894 637 037 (ESSSuper). This notice is of a general nature only and does not take into account your personal or financial objectives, situation or needs. It is not intended to be a recommendation or preferred course of action. Before making a decision about an ESSSuper product, you should consider seeking professional advice from a licensed financial adviser.

ESSSuper provides insurance cover to Accumulation Plan members through group insurance policies that the Board holds with AIAA. AIAA is part of the AIA Group, the largest publicly listed life insurance group in the Asia Pacific region with a presence in 18 markets. Copies of the insurance policy documents are available on request. Cover is subject to the terms of the applicable policy.

 


* 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.