Do you have the right insurance cover?

2020 showed us how quickly life can change. For many, it was a time to take stock and make large or small changes in their life. Some may have moved into a different type of job, reduced their hours or experienced unemployment. Others have seen a shift in their home life – downsizing, making a sea change, extending or upsizing to make space for a home office.

Any kind of significant lifestyle change such as these could impact your need for insurance, and the type and level of cover you need.

Is this the first time you’ve thought about insurance? That’s OK, any time is a good time to review the insurance you have, and make sure it’s still right for you. And, if you don’t currently have any insurance it might be time for a rethink.

You may already be covered

EISS Super provides eligible members with a package of insurance called Default Cover which includes 4 units of Death and Total and Permanent (TPD) Cover. This cover provides you and your family with protection in the event of death, total and permanent disablement or terminal illness. If you haven’t made any changes to your insurance since joining, it’s likely you have this cover – check by logging in to your online account. 

Are you under 25 or have an account balance less than $6,000?

New laws mean you’re not automatically eligible for the Default Cover described above, but you can opt-in if you want your cover to start before you’re over age 25 or prior to your account balance reaching $6,000. Find out more about opting in to Default Cover.

How do I know what level of insurance I need?

Everyone has different insurance needs, depending on their stage of life, lifestyle and commitments. Take stock of where you’re at now to gauge what cover you need. Aside from the lifestyle changes already mentioned, other events may have happened in your life that could impact your insurance needs, such as having a child, taking on a mortgage or getting married.

Some examples of when your insurance might need to be adjusted are below:

  • If you’re young and don’t have a family, then you might not need life insurance now, but you may want to hold onto your Default Cover so you’re covered in the future.
  • If you have a mortgage, a family and you’re the main income earner, then you could consider additional insurance cover to ensure your family will be looked after in case the unpredictable happens.
  • If you’re near retirement, have paid off your mortgage and your children have left home, you may not need the same level of cover that you used to.

If you’ve taken a close look at your finances, you’ll know how much you need to cover your expenses like your mortgage, groceries, bills and so on and of course you’ll already know how much you earn. But, do you know what would happen if you were unable to work due to illness?

To find out your current level of cover, login to your account. Once you know your cover level, our insurance calculator is a quick and easy way to see if you’re adequately covered.

What else do I need to consider?

You should also review the features of your insurance. What are the main inclusions (and exclusions), waiting periods and excess levels which suit you best? Remember that your insurance should focus on helping you recover from an accident or illness, or providing your loved ones with a safety net - not saving you a few dollars.

Adjusting and paying

You can adjust the amount of insurance you have through your super.

If you want to increase your cover, you’ll need to apply for Voluntary Insurance and will have to undergo a medical check. This is the same process as applying for any new insurance. The main difference – apart from the amount of cover on offer and the cost – is how you pay the premiums.

We also provide Life Event Cover which provides you with access to additional Death and TPD insurance, without the need to provide the same level of detail about your health and lifestyle. Eligible Life Events include the birth of your child, marriage, divorce, or a new mortgage. For a full list of eligible Life Events and how and when to apply, please see our Insurance in Your Super document available at

Insurance through your super allows you to pay your premiums from your super which you’ve often built up through contributions you’ve made from your before tax income. The benefits of this is that it’s:

  • Tax-effective as it’s paid from your pre-tax income.
  • Convenient as your premiums are automatically deducted from your super account.
  • Economical as it minimises the impact on your take-home pay.

Avoid double-ups

Many people have more than one super fund due to changing employers at some stage. You might find you’re paying two sets of premiums, which doesn’t automatically give you or your beneficiaries two payouts. Consider merging your super accounts and only pay one set of fees. Find out more about combining your accounts. Make sure you consider the insurance you have before combining.

We’re here to help

If you need help with understanding the insurance you have in your EISS Super account, or making sure you have appropriate cover, our financial planners can help. This advice is provided over the phone, and you can request an appointment online today.

Make appointment

Please note

We’re in the process of finalising a review of our insurance arrangements. This may affect your cover levels and premiums from 1 July 2021.

Keep an eye out for further information towards the end of May which will inform you of what changes are occurring and your options for retaining your current cover levels.