Insurance and COVID-19

The impacts of the COVID-19 pandemic have affected us all, and even when restrictions slowly lift, the pandemic will continue to influence our lives for some time to come. Understandably, we’ve received questions from members asking for clarity around the impact of the pandemic on their insurance cover. Here’s an outline of the cover you can still rely on through ESSSuper in these difficult days.¹

There are three basic types of insurance cover available to you through ESSSuper; income protection, disablement cover and death cover. Each of them protects you financially in slightly different ways, but together they can provide peace of mind knowing that you and your loved ones will receive financial assistance should an unfortunate event occur. The specifics of the cover available to you under each policy depend on which fund you are with.

Cover for Defined Benefit fund members

If you are a member of one of our Defined Benefit (DB) funds, you will continue to receive insurance cover automatically as part your DB Scheme, which is underwritten by the Victorian Government.

In this case, COVID-19 has no impact on your existing Death and Total Permanent Disability (TPD) benefits. Any claim that you make will be assessed under the existing claims assessment criteria. You can find out more about these in the Claiming a disability benefit brochure.

Income Protection insurance

Income Protection insurance is designed to provide you with some income if you're unable to work due to sickness or injury over an extended period of time, and is an option available to your through an ESSSuper Accumulation Plan.² 

If you have Income Protection insurance through ESSSuper, you’ll be reassured to know your policy does not contain a pandemic exclusion, so you continue to be covered during the pandemic under the policy.

Who receives your super benefit if something happens to you?

While it’s not something you need to dwell on, events like the pandemic do raise the question of what happens to your super in the case of bereavement. If you want control over exactly who receives your super benefit and in what proportion, you need to make a ‘Binding Death Benefit Nomination’. You can nominate one or more eligible beneficiaries and the proportion of your benefit they will each receive. A Binding Nomination will only be valid if your nominated beneficiaries remain eligible and the nomination has not expired. It is important to ensure your nomination is accurately completed and is kept up to date.³

If you don’t make any nominations, or only make a ‘Non-Binding Nomination’, ultimately the ESSSuper Board can determine who your benefit goes to. If you do make a Non-Binding Nomination, the Board will take your nomination into account, but is not bound by it. The Board will consider your personal circumstances and any eligible beneficiaries at the time of your death.To make a Binding or Non-Binding Death Benefit Nomination, you simply need to complete the appropriate form for your fund.

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