Spouse members may apply for insurance cover with the Scheme. This cover provides options for Death and Total and Permanent Disablement (TPD) cover.
To be eligible for any level of insurance cover, a spouse member must:
- Be under age 60, and
- Provide health evidence as required, and be accepted by the Scheme’s insurer, and
- Have sufficient monies in their Spouse account to cover the cost of premiums
You will not receive any cover until the assessment of your health evidence is completed and approved.
Death and TPD Cover
Death and TPD cover is offered on a unit basis with a fixed premium per unit of cover. The level of cover offered per unit depends on your age next birthday, and is shown in the table on further down the page.
Cost of Death and TPD Cover
The cost of Death and TPD cover is $1.45 per week per unit, deducted on a monthly basis from your ElectricSuper benefit.
For example, a spouse member who turns 40 next birthday who applies and is accepted for 3 units of cover will receive $153,000 of death and TPD cover at a cost of $4.35 per week.
Variations to amount of cover
If your ElectricSuper account balance falls below $1,000, we will contact you to advise that insurance cover will cease when your balance is insufficient to cover the insurance premiums.
To change your level of insurance cover (or cancel it), simply complete and return the Accumulation Scheme (Spouse) – Adjusting Your Insurance Cover form.
Please note that any request for an increase in cover (or any request for reinstatement of cover once cancelled) will be subject to assessment of health evidence. You will not receive any extra cover until the assessment of your health evidence is complete and approved.
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 valid 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.
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The insured benefits available from ElectricSuper are provided by external insurance arranged by the Board and 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.
For full information on the Division 5 insurance benefits please refer to the Accumulation Scheme (Division 5) Member booklet.
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