Important changes to your insurance cover

To ensure we continually improve the services we provide to you, we regularly review all our service providers. We recently completed a review of our insurance arrangements and have renewed our policy with our current insurer, TAL Life Limited.

From 1 August 2019, as a result of the review, we will be making some changes to our insurance arrangements. These changes are explained in more detail below.

What improvements are being made to my insurance?

The improvements we’ve made to Death and TPD and Death Only Cover are focused on how and under what circumstances a claim is paid. 

  1. TPD payments are no longer made in instalments. If a claim for TPD is approved, you’ll receive the full payment (100%) at the time your claim is approved.

    Previously, if a claim for TPD was approved under Definition 1 [1] of the insurance policy you would be paid 60% of the TPD sum insured with payment of the remaining 40% to be assessed at a later date.

  2. The timeframe a terminal illness insurance benefit payment will increase from 12 months to 24 months. This means a terminal illness claim can be made where someone is diagnosed as suffering from an illness or injury that is likely to result in their death within a period of 24 months instead of 12 months giving members access to their insurance payment sooner
How much will I pay for my insurance?

The review, as noted above, considered the suitability of the policy and the impact of the ‘Protecting Your Super Package’ legislation, which was recently introduced by the Federal Government, and has resulted in increased premiums across the super industry. As a result, premiums for Death and TPD Cover and Death Only Cover will increase by 7.7%. Salary Continuance Insurance and Temporary Salary Continuance premiums will increase by 8.3%. We understand this is at the lower end of the increases experienced across the industry.

We pride ourselves on being a value for money fund, so increasing insurance premiums isn’t something we take lightly. Wherever possible, we try to reduce costs for members, like we did in October last year when your Death and TPD and Death Only insurance premiums reduced by 10%.

Your new insurance costs will be applied from 1 August 2019 and will continue to be paid from your EISS Super account each month. Please refer to the rate tables below for the new premiums applicable to each type of cover. 

Please note, there is no change to the amount of cover you receive.

How can I find out more?

You can view your current insurance cover and premiums by logging in to your online account at eisuper.com.au/login. From 1 August this will also show the new cost of your insurance.

More information about the Protecting Your Super Package is available at eisuper.com.au/PYS

What if I want to change or cancel my cover?

If you would like to reduce or cancel either your Default or Voluntary Cover, you will need to complete the ‘Change or Cancel Insurance Cover’ form available at eisuper.com.au/insurance. You can also cancel your Default Cover via your online account.

Insurance premium rates from 1 August 2019

Default Death and TPD Cover
Voluntary Insurance - Death Only and Death and TPD Cover
Annual Premium Rates per $1,000 Sum Insured
Occupation factors for Voluntary Death Only Cover
Occupation factors for Voluntary Death and TPD Cover
Salary Continuance Insurance (SCI)
Annual Premium Rates per $100 Monthly Benefit
Occupation factors for Salary Continuance Insurance
Temporary Salary Continuance [3]

[1] For information about the definitions of TPD, please see the Insurance in Your Super document available at eisuper.com.au/pds

[2] For members over the age of 65, TPD Definition 2 must be satisfied to make a claim.

[3] Default Income Protection Cover for members who were members of the Electrical Contractors Division prior to 8 December 2013.