What cover do you have?
If you are under 60 years old and were in Division 5 (the Accumulation Scheme) before you left your employer and you meet the following 2 conditions, insurance cover will be automatically provided to you without you having to supply any additional health information:
- You elected to retain your super benefits in ElectricSuper, and
- You had insurance at the time of leaving employment with your participating electricity industry employer.
This cover starts automatically the day after you leave your ElectricSuper employer.
You can see the details of your cover in the secure area of the website.
But what if you don’t meet the conditions above?
You can still apply for insurance cover through your Retained Division 5 account with ElectricSuper, as long as you are under 60 years of age.
If you are a retained Division 2 or Division 4 member, you have 60 days from date of leaving your ElectricSuper employer to request (and start paying for) basic insurance cover. If you are retaining your benefit in Division 2 or 4, you will need to cover the cost of premiums of your insurance with personal or employer contributions.
Division 3 (Pension Scheme) members don’t have the option for separate insurance cover as Death and TPD cover is provided as part of the retained benefit in that scheme.
Death and TPD cover
Death and TPD cover is offered to retained members on a unit basis with a fixed premium per unit of cover.
The basic Death and TPD cover for retained Division 2, Division 4 and Division 5 members is 3 units of cover.
If you were a Division 5 (Accumulation) member who had a different level of cover to the default “Level 2” insurance that is automatically provided on joining Division 5, you will receive an amount of Death and TPD cover closest to your previous level of insurance cover, rounded down to the nearest value of units for your age (see below for information on units).
Any exclusions or limitations that were placed on your insurance while you were an ‘active’ member will continue to apply.
You may apply for a higher amount of cover. This will be subject to an assessment of your health information.
Disability Income (income protection) cover
If you were a Division 5 (Accumulation) or Division 2 (Lump Sum) member, you may also be eligible for disability income insurance (income protection) to pay you up to 2/3 of your salary for up to 2 years if you cannot work because of illness or injury (subject to conditions).
Cover is offered in units of $500 of cover per month. When you leave your ElectricSuper employer, the default basic disability income cover provided is based on your level of cover when you left your ElectricSuper employer, rounded down to the nearest $500. As your salary changes with your new employer, your cover will only ever be payable up to 2/3 of your actual salary. You need to check that your level of cover, and the premiums you’re therefore paying, are appropriate for you.
This cover has a waiting period of 90 days, which means you need to be unable to work due to illness or injury for 90 days before you could be eligible to receive benefits.
Division 3 and 4 members cannot access disability income cover.