Insurance - don't set and forget

Like many members, you may have insurance within your super. It provides financial protection for you and the people you care about should something unfortunate happen to you, such as a serious accident, illness or even death. However, it's easy to forget about your insurance once it's been set up.

It's important to review your insurance regularly, to make sure it remains appropriate for your situation. This will ensure that you are only spending your retirement savings on premiums for insurance that you actually need. You may decide you no longer need insurance, or that a reduced amount of cover will be enough. Alternatively, you may wish to apply to increase your cover to suit your needs.

You should check the cover you have now, and work out whether it's right for you. We've provided the checklist below to help you.

Checklist: review your insurance in five simple steps

1. Check your insurance details

Your current insurance details, including your amount insured and monthly premium, are available in the Insurance tab of Member Online, or by calling your Member Services Centre on 13 43 72.

2. Understand your insurance cover

GESB Super and West State Super members have access to three types of insurance cover: Death, Total and Permanent Disablement (TPD), and Salary Continuance Insurance (SCI). If you are eligible, we set up your insurance automatically when you join us. Your insurance premiums are deducted directly from your account each month.You can change your insurance to better suit your needs by choosing different amounts of cover, subject to terms and conditions. You can also cancel your insurance at any time. To learn more about your insurance, please read the Insurance and your super, GESB Super and West State Super brochure.Gold State Super includes automatic Death and Permanent Disability Insurance cover for all contributing members to the age of 60, at no extra cost. Gold State Super members may be eligible to apply for additional insurance through a GESB Super or West State Super account.For more information, please read the insurance and your super, Gold State Super fact sheet.

3. Work out how much cover you need

Everyone's need for insurance is different. Our Insurer provides a tool called LIFEapp to help you assess your insurance needs, calculate your monthly premiums and apply for additional cover online. Try LIFEapp for yourself.

4. Make any changes to your insurance

You can change your insurance details through Member Online. For help updating your insurance details in Member Online, check out the Member Online help guide which provides handy step-by-step instructions.

5. Revisit your insurance needs often

Remember to keep us informed of any change to your insurance details, especially when you change jobs, as your insurance cover and premiums may be affected. Likewise, you should review your insurance needs when you go through changes such as getting married, having children or buying a house. It's important you have the right level of cover to support your partner or family, should anything happen to you.

We recommend you visit Member Online regularly and follow the steps in the checklist above. It's a quick and easy way of keeping your insurance up to date and ensuring it remains right for you.

Page last updated 08 April 2019