If you’ve recently bought a home or new car, gotten married or welcomed a child into your family, chances are you need to check your level of insurance cover.
Major life events can impact the amount of cover you need to protect yourself and your loved ones if something happens to you. Having adequate insurance cover provides you with peace of mind knowing that if you can’t work and earn an income, or if you were to pass away unexpectedly, you can still pay your bills and support your family.
Not sure you can afford insurance? Think again. Your premiums for your Insurance cover through super are paid from your super account so your take home pay isn’t impacted. We also negotiate premiums with the insurer in bulk on behalf of all our members, which generally means lower premiums than what you’d be able to get for the same cover outside of super.
Everyone has different needs based on things like age, lifestyle, family situation, debt etc. It’s important to have the right level of cover to suit your specific needs.
Our insurance calculator, available at eisuper.com.au/calculators can help you work out how much insurance you may need, or you can speak to one of our financial planners.
When you joined EISS Super and provided you didn’t choose to opt out, you automatically received Default Cover which provides a base level of Death and Total and Permanent Disablement (TPD) insurance. Your Default Cover is given to you without undergoing any health checks or seeking approval from our Insurer.
The value of your Default Cover changes with your age but as it is only a base level of cover may not fully suit the needs of you and your family.
As Default Cover is provided to you without any knowledge of your health and lifestyle, there may be some limitations, exclusions and other eligibility criteria that apply*.
The Default Cover you automatically receive is a starting point. You can apply for additional insurances, known as ‘Voluntary Cover’ which is subject to health checks and acceptance by our Insurer.
Voluntary Cover is provided as a fixed dollar amount. This means that the amount of cover will not change when you have a birthday and will remain as a fixed amount unless you decide to change it.
There are four types of additional insurances offered through EISS Super.
More information about the different types of cover available through EISS Super is available in our Insurance in Your Super document available at eisuper.com.au/pds.
You can apply to transfer any Death, Death and TPD or Salary Continuance Insurance you may hold with another super fund into EISS Super, subject to approval from our Insurer.
If our Insurer accepts this, you will be provided with an equivalent level and type of cover, the transferred insurance cover can be in addition to any additional cover you hold in EISS Super.
For more information or to make an appointment with one of our financial planners to discuss your insurance needs, please call 1300 369 901 and select option 2.
*Please note from 1 April 2020 if you’re under 25 years of age or your EISS Super account balance is under $6,000, we can’t provide you with default insurance unless you opt-in. Find out more about the insurance options available.
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