Most Division 5 Accumulation ElectricSuper members have Death/Total and Permanent Disablement insurance and Income Protection insurance automatically as part of their super. If you joined ElectricSuper within 120 days of starting employment with your participating employer, you will be auto-accepted for default insurance cover (if you are under 60 years old).
Active Accumulation members under 60 have options for death and total and permanent disablement cover and are likely to have this cover provided by default. Retained Accumulation members under 60 also may have these insurances continue when they become a retained member, or may opt to continue their cover. Spouse members have the option to apply for death and total and permanent disablement cover.
There are some exceptions that apply – not all members automatically receive insurance. You should check your account in the online member portal to see what insurance cover you have.
If you want more information about the conditions and details of insurance in the Accumulation Scheme, see our web pages (details below).
Members of the other Divisions also have insurance offered as part of their benefits. You can read more about the types of cover offered in the Member Booklets for these other divisions.
If you have the default level of insurance cover, it may not be enough to meet your needs. You need to look at your own situation and consider if the cover is enough for you. If you aren’t sure, you can use the moneysmart.gov.au insurance calculator as a start to work out the level of Death cover that may suit you.
You also have the option to increase your cover on significant life events without having to provide additional health information. This can make ensuring you have enough cover so much simpler. Significant life events include things such as turning 30, turning 50, getting married, buying a home or having a child.
As part of considering your insurance, it could be a good idea to think about who would receive your super and any insurance payout if you die. It may not automatically be paid to your spouse or estate. By nominating your preferred beneficiary or beneficiaries now, the Board will know your wishes and be able to pay your super to the right person if you pass away.
Now, what’s your next step?
Use the moneysmart life insurance calculator
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