ElectricSuper offers members of the Accumulation Scheme (Division 5) under the age of 60 a range of options for death and total and permanent disablement (TPD) cover. In addition, Accumulation Scheme members may also be entitled to benefits in the event they are unable to work due to illness or injury.

Death and TPD Cover


Members under the age of 60 have the choice of nine levels of death and TPD cover. The availability of different levels of cover allows you to change your level of cover as your needs change (subject to conditions).

The insurance benefit is calculated in accordance with a formula which is based on a percentage of your salary and the number of years (which may include part of a year) you have to reach age 60.

The formula is:

Insurance benefit = salary x selected insurance percentage x (months to age 60/12)

The insurance percentage used in the formula will depend on the level of cover that applies to you. The levels of cover increase from the minimum level of 9% to the default level of 15% and then in increments of 5% with the maximum level of cover available being 50% of salary.

For example, for a member who is 35 years old on a salary of $50,000 per annum who chooses a level of cover of 25%, the death and TPD cover provided is calculated as follows:

$50,000 x 25% x 300/12 = $312,500


The levels of cover are available as follows:

Level Insurance Percentage
Level 1 9%
Level 2 15% (default)
Level 3 20%
Level 4 25%
Level 5 30%
Level 6 35%
Level 7 40%
Level 8 45%
Level 9 50%

Automatic Cover (Default)


If you do not choose a level of cover you will automatically be provided with Level 2 cover.



Varying your cover


To select the insurance cover you require (or cancel it) simply complete the ‘Adjusting Your Insurance Cover’ form.

There is also a form to increase your cover due to a specified ‘life event’.

Should you cancel your insurance cover, any future availability of cover will be subject to provision of health evidence to the insurer and subsequent approval of your application.



Health Evidence


If you require cover above Level 2 cover you may be required to provide health evidence as follows.

Level 3 + 4

Nil if requested within 6 months of first joining the Accumulation Scheme. After 6 months a standard health evidence questionnaire is to be completed and must be approved by the Electricity Industry Superannuation Board (Board) or the insurer.

Levels 5 – 9

Standard health evidence questionnaire to be completed and approved by the Board or insurer. Please note that you will not receive any cover above Level 2 until the assessment of your health evidence is complete and approved except in the event of death by accident while your health evidence is being assessed.



Life Events


Accumulation Scheme members may also elect to increase their cover by one level only upon any of the following events occurring:

  • Marriage
  • Birth or adoption of a child
  • Taking out or increasing your home mortgage
  • Turning 30 years old
  • Turning 50 years old

To be eligible for life events cover you will be required to provide certified documentation (as indicated on the life events form).



Disability Income


In addition to death and TPD cover EISS also provides Accumulation Scheme members under the age of 60 with disability income benefits in the event of illness or injury (subject to conditions). Some key points to note in relation to the disability income benefit are:

  • the benefit is two-thirds of salary
  • it is payable for up to 12 months
  • it can be extended by a further 6 months if the Board is satisfied that special reasons exist
  • it is only payable on expiry of any sick leave entitlements

There are also other conditions to be met in order for you to be entitled to a disability income benefit.





Accumulation Scheme members are able to nominate which of their dependants and/or their estate they wish to receive a benefit in the event of their death by completing a Binding Death Benefit Nomination Form and sending it to ElectricSuper. If you die and have not given the Board a completed Binding Death Benefit Nomination Form (or if your nomination expires or is defective) the Board will decide to which one or more of your spouse, children, relatives, other dependants and your estate your benefit will be paid.


The cost of death, TPD and the disability income benefit is combined into one premium and deducted from your member account. The cost for each level of cover (which includes the disability income benefit) is based on a percentage of your salary, as follows:


Level Percentage of Salary
Level 1 0.3%
Level 2 0.5%
Level 3 0.65%
Level 4 0.83%
Level 5 1.00%
Level 6 1.16%
Level 7 1.33%
Level 8 1.5%
Level 9 1.66%


In the example above, the member who has $312,500 of death and TPD cover (Level 4) and a disability income benefit of $1,282 per fortnight (2/3 of $50,000 pa) would be charged 0.83% of salary, that is $415 per year.

Additional Conditions


Whether the insured benefits available from ElectricSuper are provided by external insurance arranged by the Board or are funded by ElectricSuper itself there may be qualifications and limitations applied to the insured benefits which affect the level of insured benefits that might have otherwise been available to you. You will be notified about any conditions that are applied as a result of your health evidence questionnaire.



Further information


For further information on the Division 5 insurance benefits please refer to the Division 5 information booklet.

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